By Nicole Friedman

Oil prices bounced off multi-month lows Wednesday ahead of U.S. government storage data, which is expected to show that crude-oil supplies fell for a sixth straight week last week.

Light, sweet crude for September delivery recently rose 26 cents, or 0.3%, to $97.64 a barrel on the New York Mercantile Exchange Brent on ICE Futures Europe traded up 29 cents, or 0.3%, at $104.89 a barrel.

Analysts expect the U.S. Energy Information Administration to report Wednesday that domestic oil supplies fell by 1.7 million barrels in the week ended Aug. 1, according to a Wall Street Journal survey. Supplies typically fall at this time of year as refineries run at high rates before entering seasonal maintenance in the fall.

Gasoline stockpiles are expected to rise by 100,000 barrels, while stocks of distillates, including heating oil and diesel, are expected to rise by 600,000 barrels, according to the survey.

The closely watched survey is due at 10:30 a.m. EDT.

The American Petroleum Institute, an industry group, said late Tuesday that its own data for the same week showed a 5.5-million-barrel draw in crude supplies. The API also said that gasoline supplies fell by 3.6 million barrels and that stocks of distillates declined by 544,000 barrels.

"The slight price gains overnight are due primarily to the American Petroleum Institute's inventory data published yesterday evening," said Commerzbank in a note.

Front-month September reformulated gasoline blendstock, or RBOB, recently traded up 1.90 cents, or 0.7%, at $2.7345 a gallon. September diesel rose 0.87 cent, or 0.3%, to $2.8556 a gallon.

Write to Nicole Friedman at

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August 06, 2014 09:20 ET (13:20 GMT)

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