Oil Prices Stabilize Following U.S. Inventory Report

Oil prices showed a mixed performance on Wednesday, after the weekly inventories report in the U.S. showed a huge surge in gasoline stockpiles.

The U.S. crude benchmark futures declined, while the global benchmark settled nearly unchanged, despite a decline in crude inventories in the United States.

The rise in gasoline inventories was largely attributed to the recovery of refining, following recent disruptions.

Brent crude futures for August delivery finished at $72.22 per barrel, near its closing level on Tuesday to remain at its highest in about two years.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery lost 9 cents, or 0.1%, to close at $69.96 per barrel.