Oil prices stabilized in early Asian trading on Wednesday, buoyed by hopes for increased demand in developing countries and cuts from the world's largest oil exporters, despite concerns about an economic slowdown leading to higher U.S. crude inventories. Brent crude fell by 4 cents to $79.36 a barrel, while West Texas Intermediate crude dropped by one cent to $74.82.
Prices were pressured by an increase in U.S. crude inventories of about 3 million barrels for the week ending July 7, according to data from the American Petroleum Institute. Markets are awaiting U.S. inflation data today for indicators on interest rate expectations, which could result in a slowdown in economic growth and reduced demand for oil.
