09:00 AM EDT, 07/30/2025 (MT Newswires) -- Oi prices were steady early on Wednesday, rising for a third session even as a report showed an unexpected rise in U.S. inventories.

West Texas Intermediate crude oil for September delivery was last seen unchanged at US$69.21 per barrel, while September Brent oil was up US$0.05 to US$72.56.

In its weekly survey, the American Petroleum Institute reported U.S. oil stocks rose by 1.54-million barrels last week, while the consensus estimate expected a draw of 2.5-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.

Oil prices have been supported by U.S. threats to impose secondary sanctions of buyers of Russian oil after U.S. President Donald Trump this week cut his deadline for Russia to reach a ceasefire in its war on Ukraine from 50 days to 10 to 12 days.

"Displaying frustration with the lack of tangible progress in peace talks between Russia and Ukraine, the US President has shortened his ultimatum for the aggressor from 50 days to 10-12. The prevailing assumption is that, after this period, new sanctions, including measures targeting Russia's energy sector, will be introduced ... The geopolitical risk surrounding key oil-producing regions has therefore risen," PVM Oil Associates noted.

Still, the geopolitical risk is countered by rising supply. With Western hemisphere production also increasing, OPEC+ is returning 2.2-million barrels per day of production cuts to market in monthly tranches that began in May, with the full return expected to be complete in September.