Oil Prices Steady as US Inventories Rise and Mideast Tensions Threaten Supply
• Oil prices steadied as markets watched US inventories and risks in the Red Sea region • Attacks by Yemen's Houthis on ships in the Red Sea raised concerns about supply disruptions • US announced a naval task force to police the region, increasing potential for delivery delays • API data showed an unexpected build in US crude inventories, signaling still-ample supplies • Though oil rebounded from recent lows, 2023 prices are still set to end lower year-over-year