Oil Update: Crude Up Before Inventory Data

Updated with recent oil and stock price moves.

Crude futures were higher ahead of the Energy Information Administration's weekly oil inventory report, which is set to be released later Wednesday morning.

Light crude for August delivery gained $1.22 to $60.74 per barrel on the New York Mercantile Exchange. On Tuesday, the contract settled at $59.52 after slipping another 17 cents, marking the lowest front-month contract settlement since mid-May.

Demand data will be on everyone's mind this morning. According to a survey by Platts, analysts are expecting inventory numbers from the EIA to show a 750,000 barrel gasoline inventory rise last week, while also projecting that crude inventories fell by 2.1 million barrels.

On Tuesday, the American Petroleum Institute, an oil industry group, said crude stocks dropped less than expected, but gasoline inventories also fell.

In stock news, Exxon Mobil(XOM Quote) shares finished Tuesday up 0.8%, or 52 cents, to end the day at $66.22. Just after the opening bell today, shares were up another 2.2%.

BP(BP Quote) gained 0.4%, or 20 cents, to $46.60 on Tuesday and were up another 3% this morning. Hess(HES Quote) added 1.5%, or 74 cents, to $49.35 yesterday. Today, it was adding another 2.1% in the early going.

The NYSE Arca Oil Index was gaining 2.2% this morning.