London--Oil traded mixed Wednesday before the release of US stockpiles data, a closely watched barometer of demand in the world's biggest consumer of the commodity, analysts said.
US benchmark West Texas Intermediate for delivery in May dipped 11 cents to $47.40 a barrel compared with Tuesday's close.
Brent North Sea crude for May rose 34 cents to $55.45 in London midday deals.
Commercial crude supplies in the United States are expected to have risen in the week ending March 20, according to a survey by Bloomberg News.
The US government's Department of Energy (DoE) will announce its weekly inventories report later on Wednesday.
"Today, market participants will be keeping an eye on the release of the weekly DoE oil inventories report this afternoon," said senior analyst Myrto Sokou at the Sucden brokerage.
Oil stockpiles in the United States have risen for the past 10 weeks in a row, putting further downward pressure on prices in the face of a global supply glut, with the OPEC crude producing cartel also maintaining elevated output levels.
"Inventories remain crucial in judging the oversupply issue," Daniel Ang, an investment analyst with Phillip Futures in Singapore, said in a market commentary.
Data showing an unexpectedly sharp manufacturing slowdown in China is also weighing on sentiment.
China's manufacturing activity contracted in March at its fastest rate in 11 months, British banking giant HSBC said, suggesting worsening conditions in the world's number two economy.
HSBC's preliminary purchasing managers index dipped to 49.2 in March from 50.7 in February.
A number below 50 indicates contraction, and anything above 50 points to growth.
AFP
