Oil prices strengthened slightly on Wednesday, while traders expected OPEC+ to announce an extension of supply cuts this week as heightened geopolitical tensions continue to dominate market sentiment.

American West Texas Intermediate crude oil futures rose 13 cents, or 0.19%, to $70.07. Brent crude oil futures rose 19 cents, or 0.26%, to $73.81 per barrel at 09:16 GMT. On Tuesday, Brent recorded its biggest rise in two weeks, up 2.5%

Selon Dilin Wu, a research strategist at Pepperstone, the bullish momentum did not push crude past the $75 resistance, which indicates that the market's sensitivity to geopolitical developments and... The economy could decrease. Analysts expect crude inventories to fall by 700,000 barrels and gasoline inventories to rise by 639,000