Oil prices steadied on Wednesday, after rising more than 2% amid prospects of shrinking crude oil supply and a weaker US dollar.
Brent crude rose 0.03% to $79.42 a barrel, while West Texas Intermediate crude, the measure that tracks US crude, rose 0.04% to $74.86 a barrel.
The US Energy Information Administration raised its GDP growth estimate for the US economy, citing higher consumer spending and investment.
The US Energy Information Administration, the statistical arm of the US Department of Energy, expects the world’s largest economy to grow 1.5 percent this year, up from its previous forecast of 1.3 percent.
The US economy is expected to grow 1.3 percent in 2024, up from the EIA’s previous forecast of 1 percent.
