By Kim Khan
Investing.com - Oil prices held steady postmarket Wednesday after an industry group indicated that stockpiles in U.S. oil rose last week.
The American Petroleum Institute, reported that its measure of oil inventories rose by 1.6 million for the week ended Jan. 17.
Crude Oil WTI Futures were up 0.2% in late trading.
Oil prices have been pressured by a huge build-up in oil products in the U.S. in the last two weeks, indicating that supply is continuing to get ahead of demand. A boost in oil inventories when the official government figures come out could further help the bear case.
The Energy Information Administration will report its weekly inventory numbers tomorrow at 11:00 AM ET (16:00 GMT), slightly later than usual due to the Martin Luther King Day Holiday on Monday.
Traders are looking for a decline of about 1 million barrels for oil inventories, according to forecasts compiled by Investing.com.
They are also forecasting a rise of about 1 million barrels in gasoline inventories and a build of about 3 million barrels in distillate stockpiles.
Also regarding the potential additional supply headed for the market, Fatih Birol, the head of the Paris-based International Energy Association, said he expects a 1 million-bpd crude surplus in the first half of 2020.