Singapore — Oil prices edged up on Wednesday after posting two days of declines at the start of the week. Support came from a report that US crude inventories are not rising as much as expected during the spring season now starting, implying healthy demand, and from strong China data. US West Texas Intermediate (WTI) crude futures were at $60.84 a barrel at 2.25am GMT, up 13c, or 0.2%, from their previous close. Brent crude futures were at $64.74 a barrel, up 10c, or 0.15%. US crude inventories rose by 1.2-million barrels in the week to March 9, to 428-million barrels, the American Petroleum Institute (API) said on Tuesday. That compared with analysts’ expectations for an increase of 2-million barrels. Support also came from China, where January-February domestic crude oil production fell 1.9% on the year to 30.37 million tonnes, equivalent to 3.77-million barrels a day, according to data from the National Statistical Bureau on Wednesday. At the same time, crude oil throughput rose ...
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