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Oil prices stable as US reserves rise
Despite a surprise increase in U.S. crude inventories, oil prices remained stable on Wednesday. Brent crude rose by 2 cents to $74.42 a barrel, while West Texas Intermediate U.S. crude fell by 5 cents to $70.81.
The International Energy Agency predicts that demand will surpass supply by 2 million barrels per day in the second half of the year, with China accounting for 60% of oil demand growth in 2023. Concerns about global demand continue to weigh on crude prices. U.S. government data on crude and product stockpiles is expected later in the day.
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