VIENNA - Oil prices inched upward today, but stayed below $49 a barrel on expectations the latest snapshot of U.S. crude inventories will offer new evidence of weak demand.

Benchmark crude for June delivery rose 29 cents to $48.84 a barrel by noon in European electronic trading on the New York Mercantile Exchange. On Tuesday, the contract gained 4 cents to settle at $48.55 a barrel.

The May contract, which expired Tuesday, rose 63 cents to settle at $46.51.

Traders will be eyeing the weekly petroleum inventory data the Energy Information Agency plans to release later today. Crude stocks could jump as high as 3 million barrels, according to a survey.