Oil steadied on Wednesday, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth, according to Reuters.
While the Organization of the Petroleum Exporting Countries and allies are cutting production to bolster the market, U.S. crude production will hit a record high in 2024, the Energy Information Administration said on Tuesday.
Brent crude futures was up 5 cents to $77.64 per barrel at 1050 GMT, while U.S. West Texas Intermediate crude futures were down 17 cents, or 0.2%, to $72.07.