Oil steadied near $54 a barrel as a decline in American fuel inventories signaled that demand remains healthy despite ongoing concerns about the global economy.
Inventories of winter fuel in the U.S. fell more than expected last week as cold polar air blasted the nation, though crude stockpiles rose amid record output, according to the Energy Information Administration. Elsewhere, supplies from OPEC face heightened uncertainty after Libya’s eastern leader Khalifa Haftar said his forces have taken control of the country’s largest oil field.
West Texas Intermediate crude for March delivery slipped 0.4 percent to $53.81 a barrel on the New York Mercantile Exchange as of 10:50 a.m. London time. The contract increased 35 cents to $54.01 on Wednesday.
Brent for April settlement dropped 19 cents to $62.50 a barrel on the London-based ICE Futures Europe exchange, after adding 71 cents on Wednesday. The global benchmark crude was at an $8.36 premium to WTI for the same month.
Source : Bloomberg