Updated with new prices and a correction to the Energy Department inventory release date.



) -- Oil futures continued moving higher on Wednesday following a big surge the prior day.

In the morning, light sweet crude for delivery in October was gaining 97 cents at $72.07 on the New York Mercantile Exchange. On Tuesday, thanks largely to a weakening dollar against a slew of other major currencies, the front-month contract soared $3.08 to settle at $71.10. The greenback continued slipping today.

Meanwhile, all eyes are on the meeting of the Organization of Petroleum Exporting Countries in Vienna Wednesday, as most reports suggest the group will keep production quotas as is. Reports also add that the group's production monitoring committee recommended maintaining current oil outputs, while several oil ministers have already voiced similar sentiments.

Thursday morning, the Energy Department is set to release its weekly crude inventory report, with forecasts showing an oil supply drop of 1.8 million barrels, according to Platts. Gasoline inventories also are expected to show a 1.5 million barrel fall.

On Wednesday, several oil majors continued building on their gains from yesterday. Shares of

Exxon Mobil

were adding another 33 cents at $70.98 this morning.


(CVX) - Get Report


Marathon Oil

(MRO) - Get Report

were moving higher, putting on another 0.4% and 0.8% each.



(COP) - Get Report

, which ended the day in positive territory yesterday, was sliding 18 cents at $45.82.

American depositary shares for

Royal Dutch Shell




(BP) - Get Report

were ticking upwards after the opening bell, gaining 2.1% and 1.4%, respectively.

-- Written by Sung Moss in New York

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