05:08 AM EST, 02/26/2025 (MT Newswires) -- Crude oil prices rose early on Wednesday on the expectation that U.S. stockpiles fell week-over-week for the first time since mid-January.

Brent crude gained 0.3% to US$73.20/barrel and West Texas Intermediate crude rose 0.3% to US$69.14/b at last look. Market sources, citing American Petroleum Institute data, said U.S. crude inventories fell 640,000 barrels in the week ended Feb. 21, Reuters said in a Wednesday report.

The U.S. Energy Information Administration is set to report official stockpile data later on Wednesday. Analysts polled by Reuters estimated an increase of 2.6 million barrels in U.S. crude stocks.

However, a gloomy economic outlook for the U.S. and Germany capped oil price gains, with WTI crude dipping below the psychologically important US$70/b mark. U.S. data showed the sharpest deterioration in consumer confidence in more than three years in February and 12-month inflation expectations surged while the German economy shrank in the last quarter of 2024.