Oil: Brent Little Changed on Wednesday.

Brent crude oil futures were little changed at around $106 per barrel on Wednesday, after a 7.5% rally over the previous three sessions as Middle East tensions and shrinking global inventories continued to support prices. The IEA said observed oil stockpiles fell by around 4 million barrels per day in March and April, while Saudi Arabia told OPEC its production dropped to the lowest level since 1990. The IEA warned that with inventories already falling at a record pace, further volatility is likely ahead of peak summer demand and that the market could remain severely undersupplied until October even if the conflict ends next month. Meanwhile, US government data showed distillate inventories rose by 190,000 barrels last week, the first increase since March, easing some supply concerns. However, crude inventories fell by 4.3 million barrels, nearly double market expectations.