New York — Oil prices ticked higher on Wednesday on expectations that US crude inventories have dropped and on signs that the world’s top oil exporters will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures rose 28c to $55.75 a barrel, a 0.5% gain by 3.50pm GMT. US West Texas Intermediate crude futures gained 25c, or 0.5%, at $52.58 a barrel. Both benchmarks recovered some losses from the previous day -when the US-dollar hit a 14-year peak and knocked oil from 18-month highs — as the greenback dipped on Wednesday, making dollar-denominated fuel purchases in other currencies cheaper. Weekly US industry and government reports are expected to show a 1.7-million-barrel crude draw for last week, analysts polled by Reuters said ahead of the data due late Wednesday and on Thursday. "We are expecting a draw," said Tariq Zahir, managing member of Tyche Capital Advisors in New York. Oil companies likely drew down inventories in the final week of the ...
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