LONDON, Oct 16 (Reuters) – Oil prices steadied on Wednesday as uncertainty looms over what may happen next in the Middle East conflict, while an outlook for ample supply next year added downward pressure.
Crude fell more than 4% to nearly a two-week low on Tuesday in response to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Brent crude oil futures were up 18 cents, or 0.24%, at $74.43 a barrel by 1303 GMT. U.S. West Texas Intermediate crude futures gained 18 cents, or 0.26%, to $70.76.