Brent oil - gains capped at 10-DMA on US production outlook

Brent oil ticked higher in Asia, but is having a tough time taking out the resistance offered by 10-DMA on expectations that US producers will boost their output 

At the time of writing, Brent oil was trading at $55.63; up 0.30% or 16 cents. 

Prices retreated from the high of $56.92 to $55.39 on Tuesday after the US government said the oil production set to rise towards 9 million barrels per day. 

The focus today is on the weekly American Petroleum Institute (API) oil inventory data that will be followed by the IEA weekly inventory release tomorrow.