Oil futures remained largely unchanged on Wednesday, as traders digested the prospect of increased supply from major producers next month, a weaker U.S. dollar, and mixed economic indicators from the United States.
At 0345 GMT, Brent crude was up just 2 cents at $67.13 per barrel, while U.S. West Texas Intermediate (WTI) dipped 1 cent to $65.44 per barrel.
Brent has stayed within a narrow trading band of $66.34 to $69.05 since June 25, as concerns over supply disruptions in the Middle East eased after a ceasefire between Iran and Israel.
Weighing on prices, data from the American Petroleum Institute (API) on Tuesday showed a surprise rise in U.S. crude inventories by 680,000 barrels, at a time when summer demand usually leads to stockpile draws.
“Today’s oil price moves are being pushed by the interplay of potentially rising OPEC+ supply, confusing U.S. inventory signals, uncertain geopolitical outlook, and macro-policy ambiguity,” said Priyanka Sachdeva, Senior Market Analyst at Phillip Nova.
As the market awaits official inventory data from the U.S. Energy Information Administration (EIA), traders remain cautious amid unclear policy signals and mixed economic data from the world’s largest oil consumer.
