Oil edges higher, shaking off big buildup in U.S. crude inventories

Oil futures edged higher early Wednesday, shaking off weakness seen after industry data showed a large buildup in U.S. crude inventories last week ahead of official government figures.

Price moves

Market drivers

The American Petroleum Institute late Tuesday reported U.S. crude inventories jumped 8.52 million barrels last week, according to a source citing the data, while stocks at the Nymex delivery hub in Cushing, Okla., rose by 512,000 barrels. Product inventories fell, however, with gasoline stocks down…