Oil futures are stabilizing after recent losses due to supply disruptions in Libya, which are causing significant output reductions estimated at 900,000 to 1 million barrels per day.
The smaller-than-expected drop in U.S. crude inventories raised mixed sentiments about demand, with inventories falling by 846,000 barrels, less than forecasted.
Raphael Bostic suggested the possibility of the U.S. Federal Reserve lowering interest rates next month, which could boost economic activity and oil demand.
Market focus shifts to the upcoming U.S. GDP figures expected to show improved growth, with predictions of a growth rate of 2.8% in Q2, up from 1.4%.
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