Oil prices slipped on Wednesday on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a region tour by mediators.
Brent crude futures fell 9 cents, or 0.1%, to $77.11 a barrel by 0340 GMT. U.S. West Texas Intermediate crude dipped 12 cents, or 0.2%, to $73.05 per barrel.
U.S. crude oil stocks rose last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels, respectively, according to the sources.
The United States is the world’s biggest producer and consumer of oil, and growing inventories point to oversupply that could hinder prices. Official U.S. government inventory estimates are set to be released on Wednesday at 10:30 a.m. local time.
Meanwhile, U.S. Secretary of State Antony Blinken wrapped up a trip to the Middle East to help broker a ceasefire agreement in Gaza.
