Oil ends little changed, U.S. oil inventories fall

Brent crude settled at US$68.96 a barrel, up 8 cents. U.S. West Texas Intermediate (WTI) crude settled at $65.63 a barrel, down 6 cents.(File pic shows oil storage at Cushing, Oklahoma - Reuters)

NEW YORK: Oil ended little changed on Wednesday after two days of gains despite a sharp drawdown in U.S. crude stocks, as the market weighs the outlook for demand with coronavirus infections still surging worldwide.

Both Brent and U.S. futures contracts hit their highest levels since mid-March in intraday trade before retreating. The $70-per-barrel mark has acted as a barrier for the market since March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world.