WASHINGTON (dpa-AFX) - Oil prices attempted a tentative rebound on Wednesday after falling for three straight sessions on China demand concerns and easing geopolitical tensions.
Benchmark Brent crude futures rose half a percent to $77.56 a barrel while WTI crude futures were up 0.4 percent at $73.44.
After industry data pointed to swelling U.S crude inventories, investors now await the weekly oil report from the U.S. Energy Information Administration (EIA) for further direction.
The American Petroleum Institute (API) said in a report that crude oil inventories in the United States rose by 347,000 barrels during the week ended Aug. 16. Analysts had predicted a 2.9-million-barrel dip.
Gasoline stocks fell by 1.043 million barrels during the past week while distillate stocks (including diesel and heating oil) fell by 2.247 million barrels.
On the geopolitical front, the United States is pushing for a 'decisive moment' for ceasefire negotiations between Israel and Hamas, but a breakthrough appears elusive.
The U.S. dollar inched higher in early European trade but held close to seven-month lows ahead of the release of the Federal Reserve's July meeting minutes and preliminary revisions to U.S. labour data later in the day.
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