Brent crude futures rose 4 cents to close at $70.19 a barrel, while U.S. West Texas Intermediate crude gained 5 cents to settle at $68.38 a barrel.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ended July 4, the EIA said, compared with analysts’ expectations in a Reuters poll for a draw of 2.1 million barrels.
Curbing price losses, after months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen’s Iran-allied Houthi militia.
A mission was underway on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have claimed responsibility for the attack.
Oil prices also were supported by an EIA forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining prices have prompted U.S. producers to slow activity.
On Tuesday, U.S. President Donald Trump said he would announce a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Trump made the announcement as he delayed a deadline for some tariffs to August 1, spurring hopes among major trade partners that deals to ease duties could still be reached, though many companies remain uncertain on the path forward.
Elsewhere, OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates’ move to a larger quota, five sources said.
The group announced on Saturday that it had approved a supply increase of 548,000 barrels per day for August.
“Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions,” said Suvro Sarkar, energy sector team lead at DBS Bank.
UAE Energy Minister Suhail al-Mazrouei said on Wednesday that oil markets were absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil.
“You can see that even with the increases for several months we haven’t seen a major buildup in inventories, which means the market needed those barrels,” he said.