Oil prices were higher during European hours on Wednesday, touching the strongest level in nearly four months as market players awaited fresh weekly information on U.S. stockpiles of crude and refined products.
Crude oil for November delivery on the New York Mercantile Exchange tacked on 64 cents, or 1.31%, to $49.33 a barrel by 4:05AM ET (08:05GMT), after touching $49.45 earlier, a level not seen since June 30.
The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET (14:30GMT) Wednesday, amid analyst expectations for an increase of 2.56 million barrels.
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories surprisingly fell by 7.6 million barrels in the week ended September 30. The API report also showed an increase of 2.9 million barrels in gasoline stocks, while distillates showed a drop of 1.3 million barrels on the week.
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