Update prices
By 0004 GMT, crude futures were up Brent Three cents to $75.20 a barrel. U.S. West Texas Intermediate crude lost two cents to $71.58 a barrel, according to Reuters data.
Prices rose about 1.7 percent on Tuesday after China announced its strongest economic stimulus since the Covid-19 pandemic, with interest rate cuts and government funding.
But analysts warned that more financial aid was needed to boost confidence in the world’s second-largest economy, which reduced the impact of the announcement on oil prices.
However, the decline in stocks provided Oil U.S. crude and fuel prices have been providing some support to prices that have generally risen since falling to their lowest levels since 2021 on Sept. 10.
The American Petroleum Institute reported that crude oil and fuel inventories in the United States fell last week.
Crude stocks fell by 4.34 million barrels in the week to Sept. 20, the EIA said. Gasoline stocks fell by 3.44 million barrels, and distillate stocks fell by 1.12 million barrels.
Crude prices were also supported by the escalating conflict between Israel and Lebanon’s Hezbollah group amid fears that the war could spread.
