Oil futures were edging higher Wednesday as investors await a round of U.S. inventory figures that are expected to show a further rise in crude supplies as storage space dwindles.

West Texas Intermediate crude for June delivery rose $2.03, or 16.5%, to $14.37 a barrel on the New York Mercantile Exchange. July Brent crude, the global benchmark, was up 95 cents, or 4.2%, at $23.69 a barrel on ICE Europe.

A weekly report by an energy industry trade group late Wednesday showed a drawdown in gasoline stocks, analysts said, providing support for beaten-down U.S. oil futures, which remain on track for a monthly decline of more than 30% based on the most active contract, as the COVID-19 pandemic has sapped demand for crude and products.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 9.98 million barrels for the week ended April 24, according to sources. The API data also showed gasoline stockpiles down by 1.1 million barrels, they said, while distillate inventories rose by 5.5 million barrels.

Source : Marketwatch