U.S. crude oil inventories rose last week by 7.1 million barrels for a second consecutive build, while gasoline stocks fell as demand picked up ahead of the Independence Day holiday.

Oil prices slipped on Wednesday as investors weighed a surprise build in U.S. crude stocks last week against attacks on shipping in the Red Sea and a forecast for lower U.S. oil production.

While prices initially slid yesterday following a larger-than-expected OPEC+ supply hike, the market managed to turn positive and Brent settled almost 1.9% higher on the day. Read more here.

Oil prices eased in early Tuesday trade after nearly two per cent gains the day before, as investors evaluated the implications of fresh US tariff plans alongside a larger-than-expected output increase by OPEC+ for August.