Oil prices stabilized on Wednesday after three days of losses as comments from Federal Reserve Chair Jerome Powell raised hopes for interest-rate cuts later this year and industry data showed declines in both crude and fuel stocks.
The upside remained capped as supply concerns due to Hurricane Beryl eased, mediators tried to push through a long-elusive deal for a cease-fire deal and hostage release in Gaza, and the latest inflation data highlighted stubbornly weak consumer demand in top crude importer China.
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