Oil settles higher ahead of inventory data

Oil futures settled higher on Wednesday as expectations US crude inventories might have decreased for a seventh consecutive week offset Brexit concerns.

West Texas Intermediate crude oil for August delivery rose 83 cents, or 1.8%, to settle at $47.43 a barrel on the New York Mercantile Exchange.

The technical picture has improved slightly in the daily charts following the recent bounce, but the upside remains quite limited. In the 4 hours chart, indicators head higher but still below their mid-lines, while price trades below a bearish 20 SMA, supporting the longer term view.