Oil steadies after unexpected build in U.S. crude stockpiles | Reuters
Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.
Brent crude futures rose 2 cents to settle at $56.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $53.13 a barrel.
Both benchmarks rose over the past two days on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.
Late Wednesday, industry data showed U.S. crude oil inventories rose 2.6 million barrels last week, compared with analysts’ forecasts in a Reuters poll for a 1.2 million-barrel draw.
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