London (CNN Business) 1. Oil zooms higher: Crude oil futures were on track for a fourth consecutive positive trading session on Wednesday.

US futures added 0.3% to trade at $62.70 per barrel, pushing gains for this year to 38%. Brent crude, the international benchmark, was up 0.8% to just under $70 per barrel.

"With output falling for a fourth month thanks to continued OPEC production cuts and sanction on Iran and Venezuela, oil prices are well supported," said Fiona Cincotta, analyst at City Index, a broker.

Recent positive manufacturing news from China has also eased fears of a dramatic slowdown in the world's second largest economy. Weak growth in China would have reduced demand for oil.

The US Energy Information Administration will release a report on crude inventories at 10:30 a.m. ET.