Oil steady as fuel stocks counter supply concerns | Reuters

Oil steady as fuel stocks counter supply concerns | Reuters

Oil prices were largely steady in volatile trading on Thursday as the market weighed concerns over global supply against a build in U.S. fuel product inventories.

Brent crude futures for September, the more actively traded contract, were up 28 cents, or 0.3%, at $112.73 a barrel by 0911 GMT. The August contract, which expires on Thursday, was down 11 cents, or 0.1%, at $116.15.

U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2%, to $109.98.

Crude inventories fell by 2.8 million barrels in the week to June 24, U.S. Energy Information Administration data showed, far exceeding the 569,000 barrel drop forecast in a Reuters poll of analysts. read more