Doha: Oil prices were little changed on Wednesday as industry data revealed a rise in US crude inventories last week: a sign that the peak summer demand season may be drawing to a close. The US driving season typically runs from Memorial Day weekend in late May through early September.
According to Qatar News Agency, Brent crude futures saw a slight increase of 3 cents, reaching $66.15 a barrel after a 0.8% drop in the previous session. Meanwhile, US West Texas Intermediate (WTI) crude futures experienced a minor decline of 3 cents, settling at $63.14 following a 1.2% decrease on Tuesday.
Market sources, referencing figures from the American Petroleum Institute (API), indicated that US crude stocks, in the world's largest oil consumer, rose by 1.52 million barrels last week. This data supports expectations that the high demand associated with the summer driving season is waning.