Oil hovers above $28 a barrel as market braces for more supply data

Oil prices edged up in Asia on Wednesday, but were trading in a narrow range because supply isn’t expected to fall in the near term.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $28.57 a barrel, up 63 cents, or 2.2%, in the Globex electronic session. April Brent crude LCOJ6, +1.75%  on London’s ICE Futures exchange rose 69 cents, or 2.2%, to $31 a barrel. Oil logged a fourth-straight session of losses on Tuesday, pushing crude back under $28 a barrel after the U.S. Energy Information Administration cut its 2016 forecasts for oil prices.

Oil prices found some support recently on speculation about possible production cuts, but market sentiment weakened after hopes of lower supply from major producers faded.

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