Oil prices fell in early trading on Wednesday, on estimates showing a rise in US crude inventories and expectations of an easing of tensions in the Middle East after a tour of mediators in the region.
price movement
Brent crude futures were down 9 cents, or 0.1 percent, at $77.11 a barrel by 0340 GMT. U.S. West Texas Intermediate crude was down 12 cents, or 0.2 percent, at $73.05 a barrel.
U.S. crude oil inventories rose by 347,000 barrels last week, the American Petroleum Institute said Tuesday. But gasoline stocks fell by 1.043 million barrels and distillate inventories fell by 2.247 million barrels, the data showed.
The United States is the world's largest producer and consumer of oil, and rising inventories point to a supply surplus that could drag down prices.
The U.S. government is scheduled to release official inventory estimates on Wednesday at 10:30 a.m. local time.
Meanwhile, US Secretary of State Antony Blinken concluded a visit to the Middle East aimed at helping broker a ceasefire in Gaza.
Blinken and mediators from Egypt and Qatar have raised hopes for a US bridging proposal that could narrow the gaps between the two sides in the 10-month-old war.
