Oil prices steadied in Asian trade on Wednesday after industry data showed a slightly smaller-than-expected build in U.S. inventories, although caution over trade tariffs and a Federal Reserve meeting persisted.
Crude prices were nursing some losses this week as traders fretted over weak Chinese economic data, as well as concerns that U.S. President Donald Trump's plans for trade tariffs will stymie oil demand.
Oil was also pressured by Trump planning for increased energy production in the U.S., while the President also called on the Organization of Petroleum Exporting Countries to increase production and bring down oil prices.
Brent oil futures expiring in March steadied at $77.47 a barrel, while West Texas Intermediate crude futures were flat at $73.81 a barrel by 20:31 ET (01:31 GMT).
US inventories see smaller-than-expected build- API
Data from the American Petroleum Institute showed on Tuesday that U.S. oil inventories grew by 2.86 million barrels in the week to January 24, less than expectations for a build of 3.7 mb.
Source: Investing.com
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