London - World oil prices gained on Wednesday ahead of key economic releases from the United States, including weekly energy stockpiles data set to provide further clues over the state of crude demand.
Brent North Sea crude for delivery in July climbed 31 cents to stand at $103.55 a barrel in London midday deals.
New York's main contract, West Texas Intermediate (WTI) light sweet crude July added 50 cents to $93.81 a barrel.
Traders were looking ahead to the US Department of Energy inventory data due Wednesday and unemployment figures Friday from the world's biggest economy. The United States is also the biggest oil-consuming nation.
“Later today all the eyes will be on the US Department of Energy's weekly stockpiles report,” noted Capital Spreads dealer Jonathan Sudaria.
“In the face of rising US supply to decades long levels, the WTI crude prices have posted only a limited loss lately,” he added.
Last week's data showed US crude stockpiles had jumped by three million barrels in the week ended May 24 to 397.6 million barrels, striking a record peak since the start of the weekly data in 1982.
Supplies are rising as the global economy's fragile recovery dents demand for energy. - Sapa-AFP