Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer U.S. dollar and a mixed bag of economic and market indicators from the U.S., the world’s largest oil consumer.
Brent crude was up 2 cents at $67.13 a barrel at 0345 GMT, while U.S. West Texas Intermediate crude fell 1 cent to $65.44 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed following the ceasefire between Iran and Israel.
Also weighing on prices, sources said American Petroleum Institute data late on Tuesday showed U.S. crude oil inventories rose by 680,000 barrels in the past week at a time when stockpiles typically draw amid the summer demand season.
“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 Phillip Nova senior market analyst Priyanka Sachdeva.
