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Oil was up on Wednesday morning in Asia, holding onto its gains from the previous session as well as hitting a three-month high, after the American Petroleum Institute (API) predicted a surprise draw in the crude oil supply on Tuesday.
Although small, API’s prediction of a 500,000 barrel- draw for the week ended May 29 gave the black liquid a boost after the previous week’s estimate of an 8.7-million-barrel build.
Brent oil futures climbed 3.87% and WTI futures gained 2.7% during the previous session.
Investors will also see whether OPEC+’s meeting, expected to take place on Thursday, will extend the current production cuts that will end this month.