Oil steadies after sell-off as U.S. stockpiles rise less than expected | Reuters

Oil steadies after sell-off as U.S. stockpiles rise less than expected | Reuters

Oil prices steadied on Thursday after a two-day slump, reflecting the world's mixed economic recovery from the pandemic, with U.S. demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement.

Brent crude was up 11 cents, or 0.2%, at $66.77 a barrel by 0657 GMT, having fallen 3% on Wednesday. U.S. oil gained 25 cents, or 0.%, to $63.61 a barrel, after a 3.3% drop in the previous session.

"U.S. gasoline demand is holding up well ahead of the driving season," ANZ Research said in a note. Also, "U.S. airport footfalls increased to 1.85 million, boding well for jet fuel demand."

Crude inventories in the United States (USOILC=ECI) increased by 1.3 million barrels last week, against analysts' expectations in a Reuters poll for a 1.6 million-barrel rise.