Oil prices were little changed on Wednesday, remaining near their highest levels in seven weeks.
The price of a barrel of Brent for delivery in August was down 13 cents at $85.20 on Wednesday morning, while a barrel of West Texas Intermediate fell 20 cents to $81.37.
U.S. crude reserves increased by 2.264 million barrels in the week ended June 14, according to the American Petroleum Institute.
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“Higher-than-expected U.S. reserves led to a slight drop in barrel prices,” noted Ricardo Evangelista, analyst at ActivTrades, adding that supply-side geopolitical concerns have dominated oil markets recently.
Both benchmarks, which have rallied sharply over the past two weeks, gained more than a dollar in the previous session to hit a seven-week high after a Ukrainian drone strike sparked a fire in an oil terminal in a major Russian port.
An escalation of conflict in the Middle East could disrupt supplies in the main oil-producing region, analysts say.
Data from China, the world’s top oil importer, showed May industrial production fell short of expectations but retail sales, a gauge of consumption, marked their fastest growth since February .
With MAP
