Oil&nbsp;edged higher following a short run of declines as traders readied for weekly stockpile data in the US and Washington continues to push for a cease-fire between Israel and Hamas.

US Secretary of State Antony Blinken left the Middle East late Tuesday without a cease-fire agreement, but reiterated that Israel had agreed to a “bridging” deal to create space for the two sides to hammer out details.

Refuting API's reported small crude build, the official data showed across the board inventory drawdowns last week with crude stockpiles down for the 7th week in the last 8 and distillates stocks falling by the most since March...

The Biden admin continues to add (marginally) to the SPR (+636k barrels last week)...

US crude production increased back to record highs (as rig counts continued to slide)...

Total US Crude inventories fell to their lowest since February...

WTI extended its (modest) gains after the official data...

Crude has given up most of its gains this year as China’s lackluster economy overshadowed OPEC+ supply cutbacks.&nbsp;

Investors are also watching US economic data and await Powell's speech on Friday at Jackson Hole hoping that lower inflation could lead the the Fed to cut rates&nbsp;— a boon to wider energy demand.

...crude stockpiles down for the 7th week in the last 8 and distillates stocks falling by the most since March...
{ai:summary}Oil prices ticked up after a dip, as traders eyed US stockpile numbers while Washington sought a cease-fire in the Israel-Hamas conflict. Secretary of State Blinken departed the Middle East without a deal, yet Israel agreed to a temporary arrangement for talks.US crude inventories are at their lowest since February, bolstered by rising production against a backdrop of declining rig counts. Concerns linger over China's sluggish economy, but a Federal Reserve rate cut could boost demand. #economy

WTI Extends Gains As US Crude Inventories Tumble To 6-Month Lows

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