Brent crude futures rose 21 cents, or 0.3%, to $71.33 a barrel; U.S. West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $67.43 a barrel.
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Oil prices were steady on Wednesday after industry data showed U.S. crude and gasoline inventories unexpectedly fell, after falling in the previous two sessions on prospects of an easing of hostilities in the Middle East.
Brent crude futures were up 21 cents, or 0.3%, at $71.33 a barrel by 0002 GMT. U.S. West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $67.43 a barrel.
U.S. crude and fuel inventories fell last week, market sources said on Tuesday, citing data from the American Petroleum Institute.
Crude inventories fell by 573,000 barrels in the week ended October 25, sources said on condition of anonymity. Sources said gasoline inventories fell by 282,000 barrels and distillate inventories fell by 1.46 million barrels.
Nine analysts polled by Reuters had expected crude inventories to rise by 2.2 million barrels.
Official U.S. government data are due to be released later on Wednesday.
The API report helped reverse price action after falling more than 6% in the previous two trading days.
Prices fell on Tuesday after Axios reporters said Israeli Prime Minister Benjamin Netanyahu was about to hold a meeting with ministers, military and intelligence chiefs to discuss a diplomatic solution to the war in Lebanon.
Oil prices fell about 6% on Monday after Israel’s weekend retaliatory strikes against Iran failed to hit Tehran’s oil infrastructure.
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First published date: October 30, 2024 07:34 AM IST