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Futures Movers: Oil pops higher ahead of EIA inventory report

Oil futures were on track to snap a two-slide and recover a fraction of Tuesday’s losses ahead of a weekly report on U.S. inventories.

The Energy Information Administration is scheduled to release U.S. crude stockpiles at 10:30 a.m. Eastern Time, which could show a fifth consecutive weekly fall. Analysts expect the government report to reveal a fall of 4.2 million barrels in crude supplies, on average, for the week ended July 12, according to a survey conducted by S&P Global Platts.

August West Texas Intermediate crude CLQ19, +0.99% gained 70 cents, or 1.2%, to $58.32 a barrel on the New York Mercantile Exchange, recapturing a portion of its 3.3% tumble on Tuesday.

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