World oil prices remained steady in Asian trade Wednesday ahead of a key US Energy report, scheduled for later today.
Light sweet crude for August delivery was seen trading at $92.96 a barrel at 12.30 p.m Singapore time while Brent crude was at $108.89 a barrel in London.
Analysts said the black gold is likely to move up further during the day on hopes that a Greek remedy will boost Europe’s economy a boost.
The industry-funded American Petroleum Institute Tuesday reported that US crude stockpiles slipped 2.7 million barrels to 360.3 million. Futures fluctuated after climbing the most in six weeks Tuesday.
US Energy Department will release its weekly inventories data later Wednesday.
On Tuesday, oil prices rallied as traders took their cue from buoyant stock markets and signs that Europe would hash out a deal to defuse the Greek debt crisis.
New York's main contract, West Texas Intermediate light, sweet crude for delivery in August, jumped $2.28 to close at $92.89.
In London, Brent North Sea crude for August leapt $2.79 to close at $108.78 on the Intercontinental Exchange.
The rallies marked the sharpest gains in the two benchmark crudes since Thursday, when a surprise move by the International Energy Agency to tap strategic petroleum stocks caused oil prices to plummet.
