Oil prices remained stable in Asian trading on Wednesday as markets balanced rising U.S. crude and gasoline inventories against expectations that OPEC+ would extend supply cuts.
By 3:15 pm AEDT (4:15 am GMT) Brent crude added $0.05 or 0.1% to US$73.67 per barrel, while U.S. West Texas Intermediate crude futures gained $0.07 or 0.1% to US$69.97 per barrel.
Data from the American Petroleum Institute revealed a 1.2 million barrel increase in U.S. crude inventories last week, defying the typical demand surge during the Thanksgiving holiday.
Official inventory data from the U.S. Energy Information Administration, due later on Wednesday, is expected to show a 2.1 million barrel decline in crude.
Adding support to prices, OPEC+ is expected to extend its production cuts through the end of the first quarter of 2025 during its meeting on Thursday.
Meanwhile, geopolitical tensions in the Middle East remain a key factor for markets. Israel has warned it will escalate military action against Hezbollah and potentially Lebanon if a recent ceasefire collapses.