Oil prices steady, Brent crude trades at $72 bbl

Oil drilling rigs

Oil wiped out its losses to hold firm today, June 28, as estimates showed the US crude inventories fell by more than expected.

The American Petroleum Institute data showed that the US crude inventories fell by about 2.4 million barrels last week. Official data will be issued today by the Energy Information Administration.

Brent crude futures for August steadied at $67.72 a barrel, after losing 2.4% on June 27.

Brent crude has shed nearly 15% year to date as higher interest rates weighed on investor appetite.