The US economy grew faster than expected in the third quarter. Oil prices, after rising for the previous five sessions, remained flat on Wednesday, supported by strong US economic growth and the risk of potential supply disruptions from Venezuela and Russia.
Brent crude futures fell 1 cent to $62.37 a barrel as of 03:26 GMT, while WTI crude rose 1 cent to $58.39.
Both contracts are up about 6% since falling to near five-year lows on December 16.
US data showed the world’s largest economy recorded its fastest growth rate in two years in the third quarter, supported by strong consumer spending and a sharp rebound in exports.
On Tuesday, American Petroleum Institute (API) figures showed that U.S. crude oil inventories rose by 2.39 million barrels last week, gasoline inventories by 1.09 million barrels, and distillate fuel inventories by 685,000 barrels.
The U.S. Energy Information Administration (EIA) will release official inventory data on Monday, later than usual due to the Christmas holiday.
On the supply side, disruptions to Venezuelan exports were the most significant factor driving oil prices higher, while ongoing attacks by Russia and Ukraine on each other’s energy infrastructure also supported the market.
Following the U.S. seizure of the supertanker Skipper earlier this month and targeting two additional vessels over the weekend, more than a dozen loaded ships in Venezuela are awaiting new instructions from their owners.
Despite everything, oil prices are poised for another quarterly loss under the weight of oversupply estimates.