Oil prices steady at $62.47 after five-day rally on U.S. data, geopolitical tensions

The oil market responded to U.S. economic growth, balancing supply and geopolitical concerns.

Oil prices held steady early on Wednesday, following a five-day rally driven by robust U.S. economic data and heightened geopolitical tensions. Brent crude hovered around $62.47 per barrel (up 0.14 percent), while West Texas Intermediate (WTI) traded at $58.50 (up 0.21 percent), reflecting a cautious market stance amid supply concerns and inventory builds.

Brent crude futures settled above $62, marking a modest gain after five consecutive sessions of increases totaling nearly 6%. WTI held firm above $58 a barrel, supported by traders weighing supply risks against swelling U.S. stockpiles.