21.02.201808:28:00UTC+00Crude Oil Hold Recent Gains Ahead Of Inventories

Crude oil futures continued to inch higher Wednesday morning ahead of U.S. inventories data.

The American Petroleum Institute will release its weekly oil and petro stokpiles report this afternoon, a day behing schedule due to the President Day break.

The EIA releases the government's version tomorrow morning.

In the meantime, traders are looking to the Middle East for further signs that Saudi Arabia is OK with higher oil prices.

Reports say the Saudis are prepared to deal with $70 oil. It was thought that the Saudis would boost output if oil got too expensive quickly, as this would compel U.S. shale producers to flood the markets.

WTI light sweet oil was up 10 cents at $61.77 a barrel.

The Federal Reserve today releases minutes of its Jan. 30-31 meeting later today as investors look for further insight on inflation and interest rates under new chairman Jerome Powell.