Oil prices steadied on Wednesday, with benchmark Brent holding above $77 a barrel, after steady sell-offs driven by expectations of reduced Chinese demand and diminishing concerns the conflict in the Middle East could spread and disrupt supply, Reuters reported.
Brent crude futures were up 14 at $77.34 a barrel by 1142 GMT. US West Texas Intermediate crude was 10 cents higher at $73.27.
Since peaking above $82 on Monday last week, Brent had shed 6.2% of its value by the end of trading on Tuesday, closing at a two-week low of $77.20. WTI fell 7.5% in the same period.
As expectations swirl economic weakness in China, the world's biggest crude importer, will subdue demand, stocks in the United States, the world's biggest producer and consumer of oil, are set to rise.
US crude oil stocks were forecast to have risen last week, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks fell, however, according to the sources.
Official US government inventory estimates are set to be released on Wednesday at 10:30 a.m. (1430 GMT).
