World oil prices rose today on expectations that the latest US stockpiles report will show a further dip in crude reserves as traders worry about a global oversupply.
In London deals, Brent North Sea crude for July added 29 cents to $62.35 per barrel, compared with yesterday's closing level.
US benchmark West Texas Intermediate (WTI) for delivery in July won 24 cents to $57.75 a barrel.
The Department of Energy's weekly petroleum report, usually released on Wednesdays, will be issued a day later due to a US public holiday on Monday.
Analysts expect inventories fell for a fourth consecutive week, by two million barrels, according to a survey by Bloomberg News.
The stockpiles currently stand at 482.2 million barrels, just below record highs.
Dealers have been hoping a slowdown in US output, coupled with increased demand during the summer driving season, could whittle down global supplies, which was a key reason for the collapse in prices of more than 50% between June and January.
They are also closely monitoring a potential rise in Iraqi oil exports, which could exacerbate the global glut.
