WTI drifts higher to near $62.00 amid mixed API inventory data 

• WTI price attracts some buyers to near $61.90 in Wednesday's Asian session.
• US crude inventories rose by 2.78 million barrels in the week ending October 3, the API said. 
• Weak demand concerns amid the ongoing US government shutdown might cap the upside for the WTI. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.90 during the Asian trading hours on Wednesday. The WTI edges higher after a mixed US inventories report. Traders brace for the US Energy Information Administration (EIA) stockpiles report later on Wednesday. 

Data released by the American Petroleum Institute (API) on Tuesday revealed that crude oil stockpiles in the US for the week ending October 3 rose by 2.78 million barrels compared to a fall of 3.674 million barrels in the previous week. Analysts estimated that stocks would increase by 2.25 million barrels. 

So far this year, net crude oil inventories have risen by just 557,000 barrels, according to Oilprice calculations of API data. Meanwhile, gasoline inventories fell by 1.245 million barrels in the week ending October 3, after rising 1.3 million barrels in the week prior. 

WTI price also receives some support from the output hike. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a smaller-than-expected rise in its crude production levels, easing some fears of a growing supply glut. The group will raise oil output from November by 137,000 barrels per day (bpd), below market expectations of as much as a 500,000 bpd boost to production. 

On the other hand, the US government shutdown entered its eighth day as US senators failed to pass spending proposals to reopen the federal government. US President Donald Trump said that his administration would begin laying off federal workers if the shutdown persists beyond Monday. A prolonged shutdown could weigh on US economic growth. WTI prices tend to fall when economic activity weakens, implying reduced oil consumption.