Oil steady after Saudi minister signals OPEC+ may reduce cuts

Oil prices steadied on Wednesday, supported by a sharp drop in U.S. inventories, but further gains were held in check as the Saudi oil minister said OPEC and allies may ease supply curbs from August as the global economy slowly recovers from the coronavirus pandemic.

Brent crude was up 14 cents, or 0.3%, at $43.04 a barrel at 1325 GMT, and U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.3%, to $40.42 a barrel.