29.03.201707:42:00UTC+00Crude Oil Clings To $48 Ahead Of EIA Inventories

Crude oil futures were higher Wednesday morning despite signs the U.S. supply glut is getting worse.

The API (American Petroleum Institute) released its weekly crude oil inventory report yesterday, which showed that US crude oil inventories rose by 1.9 MMbbls.

With inventories already at record highs, traders will be paying close attention when the Energy Department releases its official stockpiles data at 10:30 a.m. ET this morning.

Prices rebounded from yearly lows yesterday amid reports that ministers from OPEC and non-OPEC oil producers want to extend by six months a global deal to reduce oil output.

WTI light sweet crude oil was up 22 cents at $48.59 a barrel in early dealing.

In Europe, the EU has confirmed it received notice from the UK triggering Brexit's Article 50, paving the way for separation.