Due to the decline in enthusiasm for economic recovery in China, oil prices stabilized on Wednesday after rising during the previous session.

American West Texas Intermediate crude lost 2 cents to $71.58 per barrel. Brent oil futures gained 3 cents to $75.20 per barrel at 00:04 GMT. Prices rose by around 1.7% on Tuesday after China announced its most aggressive economic stimulus measures since the COVID-19 pandemic, with interest rate cuts and government funding. U.S. oil inventories fell by 4.34 million barrels last week, while gasoline inventories fell by 3.44 million barrels and distillate stocks fell by 1.12 million barrels. The decrease in crude oil and fuel inventories in the United States has provided some support to the market, which has generally increased since prices fell to the lowest level since 2021 on September 10.