Oil prices were trading higher on Wednesday ahead of closely watched U.S. supply data. Oil slipped to multi-month lows earlier in the week on renewed concerns about the global oversupply of crude. Traders are awaiting the latest weekly data on U.S. crude oil inventories and production later in the day to gauge how the low price environment is affecting supply. Brent crude, the global oil benchmark, rose 0.7% to $50.34 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.7% at $46.07 a barrel. Late on Tuesday, the American Petroleum Institute reported that U.S. oil inventories fell by 2.4 million barrels last week. The industry group said that gasoline supplies fell by 946,000 barrels, while distillate stocks increased by 1.7 million barrels in the week. The U.S. Energy Information Administration will release its official inventory report later Wednesday […]