Global oil prices edged up on Wednesday, rising for a third day on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain.
Brent crude futures, the international benchmark for oil prices, were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 per cent, from their last close.
Brent also rose 2.0 per cent the previous day, according to Reuters.
US West Texas Intermediate (WTI) crude futures were at $51.09 a barrel, up 17 cents, or 0.33 per cent, from their last settlement. Prices rose 2.0 per cent the day before to back above $50 a barrel.
Traders said they would look to US fuel inventory data on Wednesday and Thursday for indicators on price direction.
A US federal holiday on Monday delayed the release of weekly inventory numbers by a day.
The American Petroleum Institute (API) is scheduled to release its data for last week at 2030 GMT on Wednesday, and the US Department of Energy’s report is due Thursday.
Price support is also coming from economic growth, which the International Monetary Fund forecast late on Tuesday would be 3.6 per cent globally this year and 3.7 per cent for 2018.
