Oil Prices Stable Around $73

Oil prices were little changed below $73 a barrel on Wednesday, hovering near their highest in 10 months amid expectations of strong summer gasoline demand and continued low inventory levels in the world's top consumer.

London Brent crude currently seen as more representative of global oil prices, fell 3 cents to $72.90 a barrel by 0216 GMT, although trading activity was expected to be muted due to the U.S. public holiday.

U.S. crude slipped 23 cents to $71.18 after gaining five percent over the past five days. The New York Mercantile Exchange (NYMEX) trading floor will be shut on Wednesday, but electronic Globex trade continues as usual.

Although gasoline inventories in the United States have been rising steadily in recent weeks, they remain well below seasonal norms following a heavy maintenance season this spring and a slew of unplanned shutdowns. But demand is stronger than ever.