Singapore: Oil prices stabilized on Wednesday amid thin trading, following declines in the previous session due to concerns that new US tariffs, which are expected to be announced later, could escalate a global trade war that could curb demand for crude oil.
Brent crude futures fell by 0.4 percent to $74.49 a barrel, on Tuesday. US West Texas Intermediate (WTI) crude futures rose by 3 cents to $71.23 a barrel.
US crude and fuel inventories showed a mixed picture of supply and demand in the world's largest oil producer and consumer.
The American Petroleum Institute, citing sources, reported that US crude oil inventories rose by 6 million barrels in the week ending March 28, while gasoline inventories fell by 1.6 million barrels and distillate stocks by 11,000 barrels.
