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Oil prices slip on higher U.S. crude stocks; market watches Middle East

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Brent crude futures dropped 73 cents to $75.31 a barrel by 0917 GMT, while U.S. West Texas Intermediate crude futures shed 74 cents to $71.00

Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though crude futures were still up about 3 per cent this week as traders factored in continuing conflict in the Middle East.

Oil had settled higher in the previous two sessions, paring the previous week’s losses of more than 7 per cent. Those declines stemmed from worries about Chinese demand and some easing concerns around Middle East oil supply being disrupted. “The market continues to wait for Israel’s response to Iran’s missile attack,” ING analysts said on Wednesday, adding that Tuesday’s price strength was possibly because of the lack of any outcome from U.S. Secretary of State Antony Blinken’s latest visit to Israel.

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