Crude oil prices steadies after two days of relentless slump

Oil prices stabilized on Wednesday after two days of losses, with Brent crude futures rising 0.3% to $71.33 a barrel and U.S. West Texas Intermediate crude futures up 0.3% to $67.43 per barrel. This was due to a surprise drop in U.S. crude and gasoline inventories, according to industry data. Crude stocks fell by 573,000 barrels, gasoline inventories lost 282,000 barrels, and distillate stocks fell by 1.46 million barrels. This news helped offset concerns about easing hostilities in the Middle East. Prices had dropped on Monday and Tuesday due to reports of potential talks on a diplomatic solution to the war in Lebanon and a retaliatory strike by Israel missing Iran’s oil infrastructure. Offical U.S. government data is expected to be released later on Wednesday.