A decline in inventories and increasing refinery activity in the US led to a rise in oil prices on Wednesday.
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Brent crude futures edged up 65 cents at $44.22 per barrel, while the US crude futures increased almost half a dollar at $41.13 a barrel, Reuters reported.
Data released by the American Petroleum Institute (API) revealed that last week crude stockpiles in the US declined by 482,000 barrels partly due to more refinery runs.
Investors are watching for official inventory data to be released by the US Government’s Energy Information Administration (EIA).
According to analysts, the crude inventory is expected to rise by 1.9 million barrels during the In the week ended 13 November.
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By GlobalData
Prices are expected to remain weak for the rest of 2015 and into 2016 as production continues to surpass demand even due to slight gains on Wednesday.
The Center for Strategic and International Studies said in its 2016 outlook: "The oversupply and surpluses are likely to continue well into next year, exerting continued downward pressure on prices."
Other commodities are also hit due to an economic slowdown in Asia, and in particular China.
