Oil prices steady, Brent hits $77.29 a barrel

Oil prices stabilized in Asian trading on Wednesday, amid uncertainty surrounding developments in the Middle East.

Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel.

West Texas Intermediate crude futures rose 3 cents to $73.60.

In a related context, market sources reported yesterday, Tuesday, citing figures from the American Petroleum Institute, that US crude oil inventories rose by about 11 million barrels last week, which is much more than analysts expected.

Weak demand continued to support the basic outlook, and the US Energy Information Administration lowered its forecast for global oil demand growth in 2024 by 20,000 barrels per day, to 103.1 million barrels per day, due to weak industrial production and manufacturing growth in the United States and China.

Hurricane Milton, one of the most powerful Atlantic hurricanes ever recorded, is expected to hit Florida’s Gulf Coast on Wednesday, potentially disrupting gasoline supplies to the nation’s third-largest consumer state. Florida, which relies on marine fuel imports, closed most of its ports to shipping on Monday, and energy companies have shut some pipelines and delivery terminals in the state’s Tampa area.