Oil prices nudged lower on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico's production and signs that China, the world's biggest importer, has curbed a recent coronavirus outbreak.
Brent crude futures dropped 9 cents, or 0.1%, to $70.96 a barrel by 0639 GMT, while U.S. West Texas Intermediate crude futures fell 19 cents, or 0.3%, to $67.35.
Prices rallied following a more than 400,000 barrels per day drop in supply in Mexico after a fire on an oil platform, but the state oil firm said it expects to resume production by Aug. 30. Analysts were expecting crude stockpiles to fall by 2.7 million barrel and gasoline stocks to drop by 1.6 million barrels, according to a Reuters poll.
"Oil has benefited from easing delta variant concerns with the world's two largest economies, the U.S. and China, but that is not necessarily the case in Sydney and Japan," said Moya.
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