Oil prices firm ahead of official US stockpile data

Oil prices edged higher early on Wednesday as market participants expected official US data – due for release later today – to show a drop in the nation’s crude inventories.

Oil Prices today:

U.S. Crude Oil WTI Futures gained 0.3% to $54.28 by 12:57 AM ET (04:57 GMT). International Brent Oil Futures rose 0.2% to $62.23.

Citing Venezuela’s oil minister, Bloomberg said the OPEC+ group will likely meet in Vienna on July 1-2 to discuss production policy for the latter half of this year.

Meanwhile, reports that China and the U.S. will resume trade talks after a stalemate were also cited as supportive for the oil markets.

U.S. President Donald Trump he tweeted that he will meet China’s Xi Jinping at the G-20 summit next week, adding that he had a “very good” phone conversation with Xi.

His tweets boosted investor sentiment, as some were skeptical that the two leaders would meet this month.

Ahead, traders’ attention will turn to the weekly crude inventories report from the government’s Energy Information Administration, which is due later in the day.

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