Crude oil futures were up in London trading Wednesday ahead of data that may show a decrease in U.S. inventories, and as geopolitical tension remains supportive of higher prices. Brent crude for July delivery was up 33 cents at $110.02 a barrel on ICE Futures Europe. July crude was up 77 cents at $103.10 a barrel on the New York Mercantile Exchange. A reduction of inventories at Cushing, the delivery point for Nymex-traded futures, is likely to be evident in weekly inventory statistics due later in the day, said Ole Hansen at Saxo Bank. Lower inventories would lend support to U.S. futures, signaling higher demand and more draw on stockpiled oil. “Other supporting factors such as the crisis in Ukraine and renewed violence in Libya leaves the downside risk limited at the moment,” Mr Hansen said. Other data releases will also be closely watched by a market searching for […]