Brent crude fell by one cent, or 0.01 percent, to $69.13 per barrel by 0032 GMT, while US West Texas Intermediate crude rose four cents, or 0.06 percent, to $65.63 per barrel.

Oil prices stabilized in Asian trading on Wednesday, maintaining gains from the previous session driven by US sanctions, as the market looks ahead to the OPEC+ group meeting early next week.

Brent crude had risen more than one percent at the previous settlement after the United States imposed sanctions on a network of ships and shipping companies run by a businessman holding Iraqi and Saint Kitts and Nevis nationalities for smuggling Iranian oil under the guise of Iraqi oil.

A preliminary Reuters survey on Tuesday showed that US crude oil inventories fell last week alongside distillate and gasoline stocks.

Three analysts surveyed by Reuters ahead of the weekly inventory data estimated that crude oil stocks decreased by an average of about 3.4 million barrels in the week ending August 29.

Weak economic data kept price movements within a narrow range. The US manufacturing sector contracted for the sixth consecutive month as tariffs imposed by US President Donald Trump affected business confidence and economic activity, which in turn impacted crude demand forecasts.

The market awaits the results of a meeting of eight members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on September 7. Analysts say it is unlikely the group will approve further production changes at this time. (Reuters)