Oil fell as a US industry group signaled a rise in nationwide crude inventories, and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
West Texas Intermediate declined toward $71 a barrel, after the December contract gained more 2% on Tuesday, while Brent closed above $76. The American Petroleum Institute estimated that stockpiles rose by 1.6 million barrels last week, according to people familiar with the figures.
In the Middle East, Secretary of State Antony Blinken and Israeli Prime Minister Benjamin Netanyahu agreed that the recent killing of Hamas leader Yahya Sinwar opened new possibilities for ending the conflict in the Gaza Strip. At the same time, traders are waiting to see how Israel retaliates against Iran for a missile strike earlier this month.
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