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Oil market small gain after API stockpiles report

The both crude benchmarks are seen wavering in the green, with WTI up 0.97% to $ 38.65 while the Brent oil rises 0.78% to $ 40.15. Oil prices edged higher this Wednesday as a broadly weaker greenback aided the recovery in the black gold after a 5-day sell-off.

The American Petroleum Institute said that crude stocks rose 2.6 million barrels last week, above the 2.0 million barrels gain seen. Distillates stocks fell 95,000 barrels, while gasoline stock dropped 1.94 million barrels.

Markets now await the US ADP jobs report for further USD moves, while the official government stockpiles data by the EIA will be also closely eyed. Markets predict a rise of 2.27 million barrels.

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