Oil prices steady after falling on signs U.S. may release more reserves | Reuters

Oil prices steady after falling on signs U.S. may release more reserves | Reuters

Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.

On Wednesday, Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world's biggest oil consumer, rose after the government released some strategic reserves.

Brent crude futures gained 14 cents, or 0.2%, to $82.78 a barrel at 0755 GMT, while WTI futures rose 18 cents, or 0.2%, to $81.52.

"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.