General view of the Towers and oil platforms of the State oil Company of Venezuela, Venezuelan oil Company SA.
Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China, the world's biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market.
Analysts, however, warned that more fiscal help was needed to boost confidence in the world's second-largest economy, which reduced the initial impact on oil prices from the announcement.
Still, declining U.S. crude oil and fuel stockpiles provided some support for the market, which has generally risen since prices fell to their lowest since 2021 on Sept. 10.
U.S. oil stockpiles dropped by 4.34 million barrels last week while gasoline inventories fell by 3.44 million barrels and distillate stocks fell by 1.12 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.
Persons:
Ibrahim Qubaisi, Israel, Qubaisi
Organizations:
State, Company, Venezuelan, Company SA, Brent, . West Texas, China, American Petroleum Institute, Hezbollah, Wednesday, Israel, Gulf
Locations:
Venezuela, China, U.S, East, Iran, Lebanon, Israel, Florida, Texas , Louisiana, Mississippi