Crude oil futures are higher Wednesday morning, extending gains from the previous two sessions, albeit just marginally, as traders await weekly inventory data from Energy Information Administration (EIA).
Worries about outlook for energy demand have eased a bit following the U.S. drug regulator giving its final approval for the Pfizer-BioNTech COVID vaccine, and reports saying new cases of the virus are showing signs of dropping in China and a few other countries.
West Texas Intermediate Crude oil futures for October are up $0.11 or 0.16% at $67.65 a barrel.
Brent crude futures are gaining $0.23 or 0.33% at $70.64 a barrel.
The American Petroleum Institute’s latest crude oil inventory data released on Tuesday showed a draw of 1.622 million barrels for the week ending August 20.
The data also said gaoline stockpiles dropped by about 1 million barrels last week.
EIA’s data is due out at 10:30 AM ET.