Oil prices rose in Asian trade on Wednesday as industry data showed a larger-than-expected draw in U.S. inventories, although a rise in distillate stockpiles somewhat offset optimism about tight markets.
Crude oil prices took some losses this week as talk of a possible ceasefire between Israel and Hamas led traders to price some risk premium into oil. But recent reports suggested a deal was nowhere near done.
Prices also fell on Tuesday as Tropical Storm Beryl appeared to have a much smaller impact than initially expected, with the storm also weakening as it moved away from key oil infrastructure in Texas.
Crude oil futures fell during the Asian session on Wednesday.
According to the New York Mercantile Exchange, August crude oil futures were trading at USD81.27 per barrel at the time of writing, down 0.17%.
The price has been trading lower at USD81.25 per barrel. Crude oil may find support at USD81.25 and resistance at USD84.52.
The dollar index, which measures the performance of the greenback against a basket of six other major currencies, fell 0.03% to trade at USD104.78.
Meanwhile on Nymex, Brent crude for September delivery fell 0.27% to trade at USD84.43 a barrel, while the spread between Brent and crude oil futures stood at USD3.16 a barrel.
