Crude oil News update By Ripples Advisory
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Oil prices steadied on Thursday after falling the previous day on the back of record US crude production and rising inventories.
Brent crude futures were at $64.49 per barrel at 0100 GMT, up 15 cents, or 0.2 per cent, from their previous close. That slight rise came after a more than 2 per cent fall the previous day. US West Texas Intermediate (WTI) crude futures were at $61.29 a barrel, up 14 cents, or 0.2 per cent. WTI also fell by more than 2 per cent the previous session.
The slight recovery on Thursday came amid a US crude inventory build that was not as big as expected during the current seasonal demand lull at the end of winter, when many oil refineries shut down for maintenance. “Oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration ... (where) the headline figure was better than expected,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
The EIA reported late on Wednesday that US crude inventories rose by 2.4 million barrels in the week to March 2, to 425.91 million barrels, less than the 2.7 million barrel increase analysts had forecast. Despite this, oil markets remain under pressure from the seasonal trend of rising inventories, which in the United States have climbed back above the 5-year average of 420 million barrels. Also looming over oil markets is soaring US production, which last week marked another record, at 10.37 million barrels per day (bpd).
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