Crude-oil futures were little changed in Asian trade Wednesday, as expectations of a bearish U.S. oil inventory report were partly offset by a forecast of an improvement in global oil demand.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $97.51 a barrel at 0717 GMT, unchanged in the Globex electronic session. March Brent crude on London's ICE Futures exchange fell $0.03 to $118.63 a barrel.
The American Petroleum Institute, an industry group, reported Tuesday that U.S. crude-oil stocks dropped by 2.30 million barrels in the week to Feb. 8.
However, more closely watched Department of Energy weekly data, due later Wednesday, is expected to show a 2.30-million-barrel rise in crude-oil inventories, according to a Dow Jones Newswires survey.
Despite the forecast for a fourth consecutive rise in U.S. crude-oil stockpiles, prices held on to their recent gains following an upward revision to the global oil demand outlook, while traders also factored in a geopolitical risk premium associated with North Korea's nuclear test.
The Organization of the Petroleum Exporting Countries has said it expects demand for its oil to be 100,000 barrels higher a day than it estimated a month ago, with total demand for OPEC oil projected at an average of 29.8 million barrels a day in 2013.
"OPEC suggested oil markets would be tighter in the first half as Saudi Arabia keeps production close to 9 million barrels a day and demand improves," said analysts at ANZ in a note to clients.
Nymex reformulated gasoline blendstock for March--the benchmark gasoline contract--rose 10 points to $3.0513 a gallon, while March heating oil traded at $3.2393, 31 points higher.
ICE gasoil for March changed hands at $1013.75 a metric ton, up $5.25 from Tuesday's settlement.
Write to Gurdeep Singh at gurdeep.singh@dowjones.com
