Oil steadied on Wednesday ahead of the Energy Information Administration (EIA) report, following several days of declines, after industry data showed a surprise drop in the API U.S. crude inventories, although gains were capped as weak economic readings in the United States depressed global markets.
Brent crude futures, an international benchmark for oil prices, were down 6 cents at $58.83 a barrel at 1307 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $53.68 a barrel.
Front-month WTI prices settled down for a sixth straight session on Tuesday, their longest losing streak this year, after U.S. manufacturing activity dropped to a 10-year low as U.S.-China trade tensions weighed on exports.
The EIA data showed a 3.1 million barrels rise in crude stocks last week and piled on the pressure on crude prices.
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