Oil futures were marginally higher early Wednesday, with the U.S. benchmark consolidating below the $70-a-barrel threshold as investors weigh how producers will respond to a downbeat demand outlook. Fears of a broader Middle East war that could affect crude flows from the region have diminished since earlier this fall,

Oil prices were little changed on Tuesday, awaiting further price direction from OPEC's monthly report, while investor disappointment over China's latest stimulus plan and oversupply concerns limited gains.

Oil futures settled at their lowest in nearly two weeks Monday following disappointing economic data from China, the world’s largest crude importer, and expectations for higher U.S. production once President-elect Donald Trump takes office.