Oil prices steady ahead of U.S. inventory report | Reuters

Oil prices steady ahead of U.S. inventory report | Reuters

Oil prices were broadly steady after earlier losses on Wednesday, as a potential drop in U.S. crude stocks and tighter supplies lent support.

Brent crude futures were at $84.91 a barrel by 1439 GMT, up 13 cents, or 0.2%. U.S. West Texas Intermediate (WTI) crude futures fell by 5 cents, or 0.1%, to $84.10.

Market sources said that API data showed U.S. crude stocks declined by 2.5 million barrels for the week to Nov. 5, defying analysts' estimates for a 2.1 million build in crude stocks in a Reuters poll.

"After the strong rally over the last few days, oil prices are in a wait and see mode," said UBS analyst Giovanni Staunovo.