Oil price rise on optimism ahead of U.S. supply data

Oil futures rose Wednesday, after the American Petroleum Institute issued bullish U.S. inventory data.

May West Texas Intermediate crude CLK8, edged up by 61 cents, or 0.9%, to $67.13 a barrel, after closing up 0.5% on Tuesday. June Brent LCOM8 the global crude benchmark, gained 65 cents, or 0.9%, to $72.23 a barrel, after inching up 0.2% on Tuesday.

Front and center for traders Wednesday will be the release of weekly petroleum supply data from the Energy Information Administration. Analysts polled by S&P Global Platts expect the EIA to report a rise of 625,000 barrels for crude stockpiles, along with supply declines of 1.9 million barrels for gasoline and 1.6 million for distillates.

Driving some optimism for that data, the American Petroleum Institute reported Tuesday that U.S. crude supplies fell by roughly 1 million barrels for the week ended April 13, according to sources. The data also showed a decline of nearly 2.5 million barrels in gasoline stockpiles, with inventories of distillates falling by 854,000 barrels, sources said.

U.S. supply data is likely to swing more into focus as geopolitical tensions surrounding Syria have receded somewhat.

May gasoline RBK8  rose 0.7% to $2.055 a gallon, while May heating oil HOK8 gained 0.6% to $2.069 a gallon. May natural gas NGK18 was flat at $2.739 per million British thermal units.