Oil prices steady, Brent crude bounces above $70

Oil prices were steady at the close of a volatile trading session on Wednesday, after falling earlier on the back of data that raised concerns about US demand for crude.

Brent crude futures for September delivery settled at $70.19 a barrel, after dipping below the $70 mark during the session.

WTI crude futures for August delivery were also unchanged at $68.38 a barrel.

Data released today by the Energy Information Administration showed that US crude inventories rose by 7.1 million barrels last week, compared to expectations of a 1.5 million-barrel decline — signaling weakening demand for crude in the world’s largest economy.

Meanwhile, security threats to Red Sea shipping resurfaced, as the Iran-backed Houthi militant group recently sank two vessels.