Oil prices edge up on report of lower U.S. crude inventories

Wednesday,   20-Jun-2018   09:11 AM (IST)

Oil prices rose in early Asian trading on Wednesday, supported by a drop in U.S. commercial crude inventories reported by the American Petroleum Institute (API).U.S. crude inventories fell by 3 million barrels in the week to June 15 to 430.6 million barrels, according to the weekly API report published on Tuesday.Brent crude futures, the international benchmark for oil prices, were at $75.30 per barrel, up 22 cents, or 0.3 percent, from their last close.U.S. West Texas Intermediate crude futures were at $65.34 a barrel, up 27 cents, or 0.4 percent.Looming large over markets, however, was a June 22 meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC), together with some other producers including Russia, to discuss forward supply policy.De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russia, which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls, which were introduced in 2017 to prop up prices.Other OPEC-members, including Iran, are against such a move, fearing a sharp slump in prices.Markets were also anxiously watching trade tensions between the United States and China, in which both sides have threatened to impose stiff duties on each other's export products, including U.S. crude oil.