Oil Steady Over $63

Oil prices held above $63 on Wednesday ahead of data expected to show a fall in U.S. crude stocks, adding to perception that high inventory levels that hit prices in the third quarter have been reversed.

Delays to U.S. oil imports due to dense fog along the Gulf of Mexico coast forced refiners to draw on inventories last week. The fog disruptions exacerbated an overall tightening inventory picture.

Tempering gains, mild weather was expected to last in most of the United States until at least early January, continuing a warm spell that has cut into heating demand.