Oil hovers near 6-month peak as rising US crude stockpiles rise

Oil hovers near 6-month peak as rising US crude stockpiles rise:

Oil prices steadied on Wednesday near six-month highs after data that showed U.S. stockpiles rose to their highest since October 2017, countering fears of tight supply resulting from OPEC output cuts and U.S. sanctions on Venezuela and Iran.

U.S. West Texas Intermediate crude futures settled 41 cents lower at $65.89 per barrel, down more than half a percent. The contract hit $66.60 a barrel on Tuesday, highest since Oct. 31.

Brent crude futures rose 6 cent to $74.57 per barrel, eking out a new six-month closing high. The international benchmark reached $74.73 a barrel on Tuesday, its highest intraday level since Nov. 1.