Oil steadies after big plunge on high inventories, lower demand forecasts


Oil steadies after big plunge on high inventories, lower demand forecasts

Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth.

Brent crude futures were up 12 cents, or 0.2%, at 60.09 by 0035 GMT. They fell 3.7% on Wednesday to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.

U.S. West Texas Intermediate crude futures were also 12 cents, or 0.2%, higher at $51.26. They ended 4.0% lower in the previous session at $51.14 a barrel, the lowest close since Jan. 14.

The U.S. Energy Information Administration (EIA) on Wednesday reported domestic crude stockpiles rose unexpectedly for a second week in a row, Read More

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