oil futures rose wednesday putting them on track to snap a fourday losing streak after industry data showed a fall in us crude inventories ahead of an official reading on supply levels from the energy department’s energy information administration west texas intermediate crude for september delivery cl00 clu21 rose 67 cents or 1 to 6701 a barrel on the new york mercantile exchange october brent crude brn00 brnv21  the global benchmark advanced 79 cents or 11 to 6982 a barrel on ice futures europe the american petroleum institute reported late tuesday that us crude supplies fell by 12 million barrels for the week ended aug 13 according to sources the api report also reportedly showed an inventory decline of 12 million barrels for gasoline while distillate supplies edged up by 502000 barrels crude stocks at the cushing okla storage hub meanwhile fell by about 17 million barrels for the week sources said inventory data from the energy information administration will be released wednesday on average the eia is expected to show crude inventories down by 31 million barrels according to a survey of analysts conducted by sp global platts the survey also calls for a supply decline of 23 million barrels for gasoline while distillate stocks are expected to rise by 700000 barrels “investors are worried that oil prices went too high during its rallying phase when optimism was skyhigh about demand returning to normal but now investors are forced to reassess those rosy views and are realizing that demand is actually a little softer” said fawad razaqzada market analyst with thinkmarkets in a note he noted that oil inventories have missed expectations in recent weeks as a previous run of sharp inventory drawdowns came to a halt “if we see an unexpected build then expect to see oil prices take a tumble beyond the short term impact of inventories data the weakening signs of demand for oil and the ongoing return of opec oil means the market is no longer going to be very tight” the analyst said