WTI oil futures push higher on bets for U.S. weekly supply drop

West Texas Intermediate oil futures pushed higher on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell for the first time in eight weeks last week. 

Crude oil for delivery in December on the New York Mercantile Exchange rose 40 cents, or 0.98%, to trade at $41.07 a barrel during European morning hours. 

A day earlier, Nymex prices tumbled $1.07, or 2.56%, as mostly bearish outlooks for supply and demand remained on investors' minds.

 The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET Wednesday. 

The data was expected to show that crude inventories rose by 1.9 million barrels last week.

 After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories declined by 482,000 barrels in the week ended November 13. Total U.S. crude inventories are near levels not seen for this time of year in at least the last 80 years, underlining concerns over a domestic supply glut. Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery tacked on 55 cents, or 1.27%, to trade at $44.12 a barrel.



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