Brent crude diverged on Wednesday, as the Energy Information Administration said that U.S. crude inventories unexpectedly rose 2.072 million barrels last week, but the dollar index fell and Iraq’s oil minister said the OPEC will not discuss output increase in this month’s meeting. Front-month U.S. West Texas Intermediate crude futures fell 0.79 percent at $65.01 a barrel. Front-month Brent crude futures rallied 1.20 percent to $75.86 a barrel. The spread between the two benchmarks stood at $10.85 a barrel.

Disclaimer: This research report is prepared by the Industrial and Commercial Bank of China Limited ("ICBC") based on public information. Facts and views expressed in the report do not reflect the official opinion of ICBC. ICBC makes every effort to use reliable information, but makes no representation that the information is accurate or complete. ICBC bears no responsibility or liability for any direct or indirect loss arising out of (or claimed to be arising out of) using or reliance upon such information. ICBC owns the copyright of this report. This report may not be reproduced, copied, published, distributed or quoted in any way without the express written consent of ICBC. ICBC reserves the right to investigate and prosecute violations of copyright infringement to the fullest extent of the law.