Oil edges higher in thin trading ahead of US inventory figures

Oil edged up to the highest in more than a week, ahead of data that could show another substantial draw in US inventories, Bloomberg reported.

West Texas Intermediate rose for a fifth day toward $82 a barrel, on course for the longest winning streak since March. US stockpiles tumbled by 11.5 million barrels, according to the industry-funded American Petroleum Institute. If confirmed by official data later Wednesday, that would be the sixth drop in seven weeks.

After a sharp ascent over July, crude prices have been steadier in August, holding around $80 a barrel. Trading volumes were below average levels on Wednesday, and market volatility is at the lowest since 2020 for US crude futures, underscoring a lack of major market moves of late.

“Oil markets are very quiet,” Keshav Lohiya, founder of consultant Oilytics, wrote in a note, adding that crude has been supported by bullish inventory data and recent strength in wider markets.