Oil edged higher after a mixed US inventories report, with traders also focused on the broader outlook for supply as OPEC+ presses on with output increases and American production expands.

West Texas Intermediate rose above $62 a barrel after ending little changed on Tuesday, when Brent closed near $65. The industry-funded American Petroleum Institute reported a drop of 1.8 million barrels at the Cushing, Oklahoma, hub last week, as well as declines in product holdings including gasoline. Still, nationwide crude holdings were estimated to have risen.

Crude remains under pressure from expectations of an oversupplied market in the coming months, with the Organization of the Petroleum Exporting Countries and its allies ramping up production in a bid to reclaim market share. In the US, meanwhile, official forecasts point to domestic crude output climbing to a record this year, aided by gains in offshore supply.

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Prices:

WTI for November delivery rose 0.7% to $62.14 a barrel at 7:19 a.m. in Singapore.

Brent for December settlement closed little changed at $65.45 a barrel.

Source: Bloomberg