Investing.com – U.S. oil prices inched up on Wednesday after industry data showed a decline in local crude inventories.
Crude Oil WTI Futures for July delivery were trading at $65.7 a barrel at 12:30AM ET (04:30 GMT), up 0.3%. Brent Oil Futures for August delivery, traded in London, were also up 0.3% at $75.58 per barrel.
Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were down 0.4% at 464.2 yuan per barrel.
U.S. crude inventories dropped by 2 million barrels, compared with expectations for a fall of 1.8 million barrels, American Petroleum Institute data showed on Tuesday.
Meanwhile, gasoline stocks rose by 3.8 million barrels, compared with expectations for a 587,000-barrel gain. Distillate fuels stockpiles fell by 871,000 barrels, compared with expectations for a 784,000-barrel gain.
Looking ahead, traders are waiting for a report by the U.S. Energy Department's Energy Information Administration due later in the day.
Sentiment on oil prices remained mostly negative, however, as investors continued to fear OPEC, at its meeting on June 22, could ease production curbs to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom.
Russian Energy Minister Alexander Novak said on Tuesday that oil demand should decide how OPEC and non-OPEC countries to adjust a current deal on oil output curbs.
In November 2016, OPEC and other producers, including Russia agreed to cut output by 1.8 million barrels per day (bpd) to slash global inventories to the five year-average. The OPEC-led deal was renewed last year through 2018.