Oil prices hovered near four-month lows in Asia on Wednesday as markets digested the OPEC+ decision in preparation for a year-end supply increase and a rise in fuel stockpiles in the US.
Meanwhile, Brent crude was up 4 cents at $77.56 a barrel and US West Texas Intermediate was unchanged at $73.25 a barrel.
Both contracts fell nearly a dollar on Tuesday to their lowest level since early February and slipped around $3 a barrel on Monday.
The decline followed after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) planned to increase supplies from October despite recent signs of weak demand growth.
RBC Head of Research Helima Croft said Brent crude remained under pressure as the market began to understand OPEC's proposal to keep voluntary cuts as a commitment to increase by 500,000 barrels per day in the fourth quarter of 2024.
However, Saudi Arabia's Energy Minister Prince Abdulaziz Bin Salman said OPEC+ will temporarily halt cuts and cancel them if demand is not strong enough to support the market.
The action is to slow down the production of barrels and not intend to do a supply surge in the future.
Additionally, the US Energy Information Administration will publish its official storage data at 10.30pm tonight.
Last week's data is still being closely watched because it reflects fuel consumption over the Memorial Day holiday.
