Oil prices steadied on Wednesday after surging to seven-year highs in the previous session.
Benchmark Brent crude futures dipped 0.6 percent to $93.32 a barrel, after hitting as high as $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures were down 0.8 percent at $91.21 a barrel, after having hit $96 in the previous session.
Supply worries eased somewhat after it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.