Oil edges higher ahead of API report

Oil prices inched higher on Wednesday as investors await US stock inventories report by API later on the day ahead of the official EIA report tomorrow.

West Texas Intermediate crude oil for October delivery rose 1.14% to $45.34 a barrel on the New York Mercantile Exchange.

The American Petroleum Institute (API) is due to release its weekly report at 20:30 GMT on Wednesday, a day later than usual given Monday’s Labor Day holiday in US. Official data from the Energy Information Administration will be released tomorrow.

Earlier this week, oil rose to near $47.00 a barrel and pulled back moving in tandem with expectations of a potential deal amid major producers to freeze output.