Oil Holds Gain With Mideast Conflict, China Stimulus in Focus
Oil was little changed after its biggest gain in a week, as traders gauge developments in the Middle East and the impact on demand of China's stimulus measures.
West Texas Intermediate traded below $72 a barrel after rising by 1.7% on Tuesday, with Brent crude closing above $75. Iran's President Masoud Pezeshkian said that Israeli attacks in Lebanon "cannot go unanswered," while also urging western nations to come back to a nuclear accord and lift sanctions.
China's massive adrenaline shot for its economy boosted shares around the world, but it isn't yet clear whether it will translate to higher demand in the biggest oil importer.
In the US, the American Petroleum Institute reported commercial crude inventories fell by 4.34 million barrels last week, according to people familiar with the data. Declines were recorded at Cushing, Oklahoma, as well as in overall gasoline and distillate inventory levels.
Source : Bloomberg
