Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.

Oil prices hit a near three-month high on Wednesday as concerns about supply disruptions and optimism over rising demand supported the market.

Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened while U.S. crude oil stocks fell last week, market sources said, citing American Petroleum Institute figures. Also supporting prices was an unexpected increase in U.

Crude oil prices rose to a three-week high amid mounting concerns over supply disruptions and increasing demands. However, technical analysts caution that oil markets may be over-bought. View on euron

Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.