And US crude stocks rose 4.6 million barrels last week, exceeding expectations, supported by the recovery in production after the resumption of work at offshore facilities that were closed due to two hurricanes in the American Gulf region.
By 14:51 GMT, Brent crude rose seven cents to $79.11 a barrel. Crude was down nearly two dollars on Tuesday, after touching its highest level in nearly three years at $80.75 a barrel.
And the price of US crude increased 23 cents, or 0.3 percent, to $ 75.52 a barrel.
Oil prices had begun to rise at a time when economies were recovering from pandemic closures and demand for fuel was rising, while some producing countries experienced supply disruptions.
The US Energy Department said that inventories of oil, gasoline and distillates in the United States rose in the past week. And US production rose to 11.1 million barrels per day, which is in line with the level of production before Hurricane Ida about a month ago.
Sources said the Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, will likely keep a deal to raise output 400,000 barrels per day in November when they meet next week, despite consumer pressures with a further increase in supply.
OPEC said on Tuesday that oil demand is expected to rise strongly in the next few years, and indicated that the world should continue investing in production to avoid a crisis even as it switches to less polluting fuels.
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