17.05.202310:04:00UTC+00Oil Prices Hold Steady In Cautious Trade

Oil prices held steady on Wednesday as comments from Fed officials lifted the dollar and investors awaited news on the U.S. debt ceiling negotiations.

Benchmark Brent crude futures were up 0.1 percent at $75 a barrel, while WTI crude futures were little changed at $70.89.

The U.S. plan to purchase oil for the Strategic Petroleum Reserve and the International Energy Agency's decision to lift its forecast for global oil demand this year lent oil prices some support.

The upside remained capped after industry data showed surprise build in U.S. crude stockpiles.

U.S. crude inventories rose by around 3.6 million barrels in the week ended May 12, data from the American Petroleum Institute showed, raising demand concerns at the world's largest consumer. Traders expected a drawdown.

Official U.S. government data on crude and product stockpiles from the Energy Information Administration will be published later in the session.

Investors also monitored U.S. debt ceiling negotiations after Treasury Secretary Janet Yellen warned that the U.S. could default on its obligations in early June if Congress doesn't act.

House Speaker Kevin McCarthy said there is "a lot of work to do" to reach a deal for raising the debt ceiling.