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Oil prices steady on shrinking U.S. crude inventories


Official U.S. government data is scheduled to be released later on Wednesday. The API report helped turn the tide on prices following a more than 6% drop in the combined previous two sessions. Prices fell on Tuesday when an Axios reporter said on X that Israeli Prime Minister Benjamin Netanyahu would hold an imminent meeting with several ministers, the heads of the military and intelligence community about talks on a diplomatic solution to the war in Lebanon.

On Monday, prices lost about 6% after Israel’s retaliatory strike on Iran over the weekend missed Tehran’s oil infrastructure.