Oil prices steady

Oil prices were steady on Wednesday after a surprise rise in US crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year.

Brent crude futures rose 19 cents, or 0.3 per cent, to $75.10 a barrel. West Texas Intermediate US crude was up 20 cents or 0.3 per cent to $71.06 at 1145 GMT. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60 per cent of oil demand growth in 2023.