Oil prices were steady on Wednesday as investors weighed a surprise build in U.S. crude stocks last week against attacks on shipping in the Red Sea and a forecast for lower U.S. oil production.
Brent crude futures rose 4 cents to close at $70.19 U.S. a barrel, while U.S. West Texas Intermediate crude gained five cents to settle at $68.38 a barrel.
The Energy Information Administration said on Wednesday. U.S. crude stocks rose while gasoline and distillate inventories fell last week.
Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ended July 4, the EIA added, compared with analysts’ expectations in a Reuters poll for a draw of 2.1 million barrels.
Moreover, oil prices also were supported by an EIA forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining prices have prompted U.S. producers to slow activity.
On Tuesday, U.S. President Donald Trump said he would announce a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Elsewhere, reports say oil producers in the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates’ move to a larger quota, five sources said.
The group announced on Saturday that it had approved a supply increase of 548,000 barrels per day for August.
