London, February 04 (QNA) - Oil prices held steady in Wednesday's trading, influenced by ongoing security developments in the Middle East.

Brent crude futures edged up by 7 cents, or 0.1 percent, to reach $67.40 per barrel, while US West Texas Intermediate (WTI) crude rose by 14 cents, or 0.2 percent, to settle at $63.35 per barrel.

Oil prices were supported by data released by the American Petroleum Institute (API), which revealed a sharp decline in US crude inventories. Inventories in the world's largest producer and consumer dropped by more than 11 million barrels last week.

Notably, oil prices rallied by approximately 2 percent on Tuesday, bolstered by a trade agreement between the United States and India, which has raised expectations for a surge in global energy demand. (QNA)