Crude oil prices are higher Wednesday morning, ahead of official U.S. inventory data.
Traders continue to watch the situation in Ukraine where Russia has reportedly positioned its forces along the border, indicating a possible invasion.
The U.S. Energy Information Administration will release its oil inventory data for the week ended August 1, at 10:30 am ET.
On Tuesday, the American Petroleum Institute released a report that showed U.S. crude inventories to have declined by much more than expected 5.5 million barrels last week.
Crude oil futures for September delivery are up $0.36 or 0.37 percent at $97.75 a barrel, coming off a six-month low of $97.00 a barrel it touched yesterday.
On Tuesday, crude oil futures ended down $0.91 or 0.9 percent at $97.38 a barrel.
Natural gas for September is down $0.006 or 0.17 percent at $3.891 per million btu.
On the economic front, the U.S. Commerce Department is scheduled to release its trade balance report for June at 8:30 am ET. Economists expect the trade deficit to widen to $45 billion from $44.4 billion in May.
The material has been provided by InstaForex Company – www.instaforex.com