US crude inventories rose by about 3.4 million barrels in the week ending January 20, according to data from the American Petroleum Institute. This represents three times the increase predicted by Reuters in a preliminary poll conducted last Monday by about one million barrels.
Official data from the US Energy Information Administration will be released later on Wednesday.
Oil supply should remain stable over the medium term, as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to maintain their production quotas.-
Reuters quoted five sources in OPEC + as saying: It is likely that the OPEC + committee will approve the current oil production policy for the group of producers when it meets next week, as there is a balance between hopes for an increase in Chinese demand and concerns about inflation and the global economy.