Brent Crude Steadies on Wednesday

Brent Crude: futures traded around $113.5 per barrel on Wednesday, as investors balance concerns about dwindling fuel demand against expectations of even tighter global supply.

The latest EIA report showed the US crude inventories fell by more than expected last week, ahead of the US Memorial Day this weekend that will mark the beginning of the US summer driving season.

Meanwhile, the new French foreign minister expressed optimism that those still opposed to a new EU sanctions package that would phase out Russian oil imports could be convinced, of a deal that threatens to tighten global supply further.

Elsewhere, traders monitored talks between US and Indian officials as Washington seeks to keep India’s purchases of Russian oil from rising, as well as varying Covid restrictions in China.
2 hours ago