Oil prices were steady on Wednesday (July 9) as investors weighed strong US gasoline demand data and attacks on shipping in the Red Sea, while US copper tariffs loomed.

Brent crude futures closed up 4 cents, or 0.06%, at $70.19 a barrel. US West Texas Intermediate crude closed up 5 cents, or 0.07%, at $68.38 a barrel. US crude oil inventories rose while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said on Wednesday.

Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ending July 4, the EIA said, compared with analysts' expectations in a Reuters poll for a decrease of 2.1 million barrels.

Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.

"Demand appears to be solid and not slowing down," said Phil Flynn, senior market analyst at Price Futures Group.

After months of calm in the Red Sea, attacks on the key global shipping lane have resumed in the past week. Rescuers rescued six crew members from the Red Sea on Wednesday, and 15 people remain missing from the second of two vessels that sank in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm.

Oil prices were also supported by the EIA's forecast on Tuesday that the U.S. will produce less oil in 2025 than previously thought, as falling prices have prompted U.S. producers to slow activity.

On Tuesday, U.S. President Donald Trump said he would impose a 50% tariff on copper, aiming to boost U.S. production of the metal, which is essential for electric vehicles, military hardware, the power grid, and many consumer goods.

Trump made the announcement as he postponed the deadline for some tariffs to August 1, fueling hopes among major trading partners that a deal to ease duties could still be reached, although many remain unconvinced.

Elsewhere, OPEC+ oil producers are gearing up for another major production increase in September as they finalize the end of voluntary production cuts by eight members, and the United Arab Emirates' move for a larger quota, five sources said.

On Saturday, OPEC+ agreed to a supply increase of 548,000 barrels per day for August.

"Oil prices have remained surprisingly resilient in the face of the accelerating OPEC+ supply buildup," said Suvro Sarkar, energy sector team leader at DBS Bank.

UAE Energy Minister Suhail al-Mazrouei said on Wednesday that the oil market is absorbing the OPEC+ production increase without building inventories, meaning it is hungry for more oil. "You can see that despite the increase over the months, we haven't seen a significant increase in inventories, which means the market needs those barrels," he said. (alg)

Source: Reuters