Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia.
U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement.
Official inventory data from the U.S. Energy Information Administration is due at 11 a.m. EDT on Thursday. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude futures gained 11 cents to $87.65. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The
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