Oil prices dipped on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though declines were capped as the market watched diplomatic efforts in the Middle East after Israel continued attacks on Gaza and Lebanon.
Brent crude futures dipped 20 cents, or 0.3%, to $75.84 a barrel by 0330 GMT. U.S. West Texas Intermediate crude futures shed 20 cents, or 0.3%, to $71.54 a barrel. Crude futures settled higher in the two previous sessions this week.
“The market continues to wait for Israel’s response to Iran’s missile attack,” ING analysts said on Wednesday, adding the price strength on Tuesday was possibly due to the lack of outcome from U.S. Secretary of State Antony Blinken’s latest visit to Israel.
Blinken held “extended conversations” with Israeli Prime Minister Benjamin Netanyahu and senior Israeli leaders, urging them to get more humanitarian aid into Gaza, a senior State Department official said.
