The price of crude oil edged up Wednesday morning ahead of weekly inventories datafrom EIA and amid a mixed dollar.
Light sweet crude oil (WTI) futures for June delivery were up $0.33 to $85.58 a barrel, building on to its previous session's gains.
Yesterday, API data revealed that crude inventories declined 741,000 barrels and gasoline inventories fell 1.7 million barrels in the week ended April 16.
Meanwhile, the U.S. dollar was hovering near its one-week high versus the euro and was ticking lower against the British pound in morning deals.
Some of today's trading action may be guided by the weekly crude inventories data by Energy Information Administration scheduled for release later today. Analysts are expecting crude inventories to dip by 200,000 barrels and gasoline stocks to rise by 300,000 barrels. Last week, EIA report revealed a surprise 2.2 million barrels dip in crude supplies.
