Oil prices stabilized on Wednesday following a period of trading higher due to industry data indicating a larger-than-anticipated decrease in US crude inventories. However, the increase was limited by economic challenges stemming from China and the euro zone.
Brent crude futures saw a slight increase of 15 cents, equivalent to 0.17%, reaching $86.20 per barrel at 1210 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures experienced a gain of 11 cents, or 0.13%, reaching $82.92 per barrel.
Although both benchmarks had reached their highest levels since the end of April on Tuesday, they closed lower for the day as concerns surrounding Hurricane Beryl's impact on production in the Gulf of Mexico subsided.
