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(Reuters) - Oil prices were steady on Wednesday as investors weighed strong U.S. gasoline demand data and attacks on shipping in the Red Sea, while U.S. copper tariffs loomed.
Brent crude futures settled up 4 cents, or 0.06%, to $70.19 a barrel. U.S. West Texas Intermediate crude settled up 5 cents, or 0.07%, to $68.38 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week. Rescuers pulled six crew members alive from the Red Sea on Wednesday and 15 were still missing from the second of two ships sunk in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm.
Oil prices were also supported by an EIA forecast on Tuesday that the U.S. will produce less oil in 2025 than previously expected, as declining prices have prompted U.S. producers to slow activity.
On Tuesday, U.S. President Donald Trump said he would impose a 50% tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
U.S. stocks finished higher on Wednesday, with a surge in shares of Nvidia Corp. propelling the Nasdaq Composite to a fresh intraday and closing record.
The Dow Jones Industrial Average rose over 200 points, or 0.5%, to end near 44,458, according to preliminary data from FactSet.
The Nasdaq Composite was up 0.9%, to end at around 20,611, a new all-time closing high.
The S&P 500 advanced 0.6%, to finish near 6,263.
Federal Reserve minutes from the central bank's June policy meeting were a focus, hinting that rate cuts this year looked likely as of the meeting last month.
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