New York — Oil prices rose for the first time in three days on Wednesday ahead of the US weekly inventory data, following news of Saudi supply cuts to Asia.But, traders said persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check."We expect some bullish Organization of the Petroleum Exporting Countries (Opec) rhetoric to ramp up in an attempt to neutralize the bearish vibes that have emanated from the recent production increases indicated out of Libya, Iran, Iraq and Nigeria," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.Analysts forecast US crude inventories increased by 1.2-million barrels last week, according to a Reuters poll. That compared with a build of 1.5-million barrels, according to data late on Tuesday from the American Petroleum Institute, an industry group.The US Energy Information Administration (EIA) will release its weekly petroleum status report at 13...
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