09:07 AM EDT, 10/16/2024 (MT Newswires) -- Oil prices steadied early on Wednesday, following day-prior losses of more than 4%, on easing geopolitical worries and weakening Chinese demand.

West Texas Intermediate crude for November delivery was last seen up US$0.04 to US$70.62 per barrel, while December Brent crude, the global benchmark, was up US$0.02 to US$74.27.

Reports on Tuesday said Israel assured the United States it will not strike at Iran's oil industry when it retaliates for that country's Oct.1 missile strike, allaying fears its response would impact the Iran's 1.7-million barrels per day of oil exports.

Also on Tuesday, the International Energy Agency (IEA) warned in its monthly Oil Market Report that it expects the wind-down of some OPEC+ production cuts, rising production outside the cartel and weak demand from China to begin building up global inventories next year, while seeing long-term prices for the commodity waning as demand falls due to the energy transition.

"On the top of every ardent bear's wish list are a stuttering Chinese economy, relative calm in the Near East and downward revisions in global oil demand growth," PVM Oil Associates noted. "These wishes were granted at the beginning of the week, there have been three ticks in the checklist."

The Energy Information Administration's weekly report on U.S. inventories, normally released on Wednesday morning, is delayed until Thursday due to the Columbus Day holiday.