Oil edged higher in Asia as investors weighed the outlook for monetary policy and a mixed industry report on US crude stockpiles.
West Texas Intermediate futures rose above $68 a barrel after closing 2.4% lower in the previous session. The European Central Bank said on Tuesday that it probably won’t be able to end its cycle of interest-rate hikes anytime soon, which will likely present headwinds for the demand outlook.
The American Petroleum Institute reported US crude stockpiles fell last week, but inventories at the key storage hub at Cushing rose, according to people familiar with the figures. Government data is due later Wednesday.
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