Post: Oil prices edge higher

Singapore, Oil prices recovered in Asian trading on Wednesday, but gains were capped by weak demand. Brent crude futures rose 17 cents, or 0.16%, to $76.60 a barrel by 0615 GMT. U.S. West Texas Intermediate crude rose 17 cents, or 0.23%, to $73.37. The API figures showed crude stocks were up by 176,000 barrels in the week ended August 2, the sources said, speaking on condition of anonymity. Gasoline inventories rose by 3.313 million barrels against analysts' expectations for a 1 million bbl draw, while distillate stocks rose by 1.217 million barrels, a bigger build than anticipated. The U.S. Energy Information Administration is due to release weekly inventory data on Wednesday. Source: Bahrain News Agency