Crude oil futures rose Wednesday as investors wait for the latest U.S. inventory data for indications of how gasoline demand is holding up as summer.
Here are today's energy prices:Traders are waiting for confirmation that demand is firming from the latest U.S. oil and gasoline inventory data, which the Department of Energy will release at 10:30 am.
"Thus, convincing stock draws in the US would go a long way to bolster this optimism," Evans said.
Analysts are expecting that U.S .oil and gas inventories fell by 2.9 million barrels and 1 million barrels, respectively, last week, according to a Reuters poll.
There are fears an Israeli offensive in Lebanon could trigger a direct confrontation with OPEC member Iran, potentially jeopardizing crude oil supplies.
Persons:
Brent, John Evans, Evans
Organizations:
West Texas Intermediate, Traders, Department of Energy, OECD
Locations:
Israel, Lebanon, Iran