Projections about reduced supplies in the globe's largest consumer prompted West Texas Intermediate crude oil futures to advance to their top level in about seven days on Tuesday, according to Bloomberg.
Economists polled by the news service predicted inventories fell by 500,000 barrels last week to amount to 390.9 million barrels. The Energy Information Administration, an arm of the U.S. Energy Department, is poised to release the official data on Wednesday.
"The consensus is looking for a drawdown in crude inventories tomorrow, and it's giving the market a little support," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Tuesday. "If Iran increases its production, oil prices will fall."
At 10:06 a.m. on Tuesday, WTI crude oil futures rose 1.16 percent, a $1.09 rise to $94.91 per barrel. Brent crude oil futures edged up 0.4 percent, a 45-cent lift to $111.90 per barrel.
Reuters reports the energy commodity also gained as a result of outages in oil-rich Libya, which prompted serious concerns about supply from the North African nation and the Middle East.
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