The more closely watched U.S. Energy Information Administration report was due out Wednesday, with analysts polled by Platts expecting a 1 million-barrel increase in crude-oil stocks.
The American Petroleum Institute reported a surprise decrease for oil inventories, saying that crude supplies fell 1.9 million barrels for the week ended Nov. 16.
Benchmark U.S. crude oil for January delivery is trading up 9 cents, at $86.84 a barrel in Asia electronic trades on New York Mercantile Exchange today. Yesterday, it tumbled nearly 3% as hopes for a Gaza Strip cease-fire relieved some of the concerns over supply risks in the Middle East.
Euro-zone finance ministers on Wednesday failed to reach an agreement on conditions to release the next tranche of financial aid for Greece and plan to meet again on Monday to continue the discussions.
"The Eurogroup interrupted its meeting to allow for further technical work on some elements of this package," Eurogroup President Jean-Claude Juncker said in a statement, referring to a package aimed at making a "substantial contribution to the sustainability of Greek government debt."
MCX December crude oil futures are trading up nearly Rs 20 at Rs 4824 levels. It may face a resistance near Rs 4845 levels.
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