Oil hovers above $91 ahead of US inventory data

Oil held above $91 a barrel on Thursday, ahead of US weekly inventory data expected to show a drawdown in crude stocks for the fourth consecutive week due to an abnormally icy winter. US crude for February delivery edged up 18 cents to $91.30 a barrel by 0420 GMT. Prices have traded in a tight range near $91 since hitting a 26-month high of $91.88 on Monday. ICE Brent crude rose 16 cents to $94.30.

The oil market may get the impetus it needs to break through its trading range with the release of the US Energy Information Administration fuel stocks report later on Thursday. Analysts expected a 2.6 million-barrel drop in crude inventories last week, which would be the fourth straight drawdown in the world's largest oil user. Gasoline stocks were forecast up 1.4 million barrels, while distillates fell 600,000 barrels, a Reuters poll found. Industry group American Petroleum Institute (API) confounded analysts expectations on Wednesday by reporting a 3.1 million-barrel rise in crude, while gasoline supplies dropped 3.1 million barrels in the week to December 24. Distillates rose 1.4 million barrels.