Feb. 13 (UPI) -- Traders are waiting to see if the latest data from the Energy Information Administration, set to be released mid-morning Wednesday, confirms reports of a small inventory draw through the first week of February.
Crude oil futures were about 1 percent higher for West Texas Intermediate to $53.68 per barrel as of early morning Wednesday, with Brent Crude 1.3 percent higher at $63.23 per barrel as of the same time.
"If today's EIA (Energy Information Administration) report confirms a supply draw, I believe the market will shift towards a bullish bias with regards to price. A close above $55 this week would confirm this," Amir Hekmati, an oil futures spec trader at TradeFlow, told UPI.
WTI prices are recovering from $52.41 per barrel on Monday. They reached a high for the year at $55.26 per barrel on Feb. 1, which compares with a high of over $76 per barrel on October 3 which was the highest level for all of 2018.
The American Petroleum Institute had reported on Tuesday a small crude draw of just under one million barrels, while analysts instead projected a build-up twice as big, an oilprice.com report said.
Saudi Arabia's Energy Minister, Khalid al-Falih, said Saudi Arabia would limit oil production to 9.8 million barrels per day in March, the report added. The country appears committed to cut output hoping to influence market prices higher.
The EIA will release the report at 10:30 a.m. EST.