Oil prices rose slightly in early Asian trading on Wednesday, as hopes of increased demand in developing countries and the world's largest oil exporters cut supplies offset fears of an economic slowdown leading to a rise in US crude stocks.
Prices were pressured by the rise in US crude stocks by about three million barrels in the week ending July 7, according to data from the American Petroleum Institute. Analysts polled by Reuters had expected an increase in crude stocks by 500 thousand barrels.
