U.S. weekly oil data are expected to show crude-oil stocks rose last week while refiners increased operations.
According to estimates from six analysts surveyed by Dow Jones Newswires, U.S. crude-oil inventories rose by 1.7 million barrels in the week ended April 20.
All but one analyst expect a rise. Forecasts range from a decline of 3 million barrels to an increase of 4 million barrels.
The closely watched government survey from the Energy Information Administration is due to be released at 10:30 a.m. EDT Wednesday.
Gasoline stocks are expected to fall by 400,000 barrels. Four analysts expect a draw while two expect a build. Forecasts range from a 2.5-million-barrel decline to a 3-million-barrel increase.
Distillate stocks, comprising heating oil and diesel fuel, are expected to rise by 1 million barrels. All but one analyst expect an increase and estimates range from a drop of 1 million barrels to an increase of 3 million barrels.
Refiners are expected to boost operations by 0.6 percentage point to 84.6% of capacity. Four analyst expect runs to increase, one sees no change from the previous week and one declined to offer an estimate. Estimates range from unchanged to a 1.5-percentage-point increase.
Source: MarketWatch