Oil traded near $66 a barrel after U.S. crude inventories rose by more than expected, stymieing a rally driven by the prospect of tighter supplies due to American sanctions on Iran.
Futures in New York were little changed after posting the biggest drop in more than a week on Wednesday. Government data showed U.S. stockpiles rose by 5.48 million barrels last week, compared with an increase of 1 million barrels forecast in a Bloomberg survey. The gain was the fourth in the past five weeks, pushing the total to the highest level since October 2017.
West Texas Intermediate for June delivery traded 3 cents higher at $65.92 a barrel on the New York Mercantile Exchange at 2:38 p.m. in Singapore after dropping as much as 35 cents earlier. The contract declined 41 cents on Wednesday, but is still up by $1.92, or 3 percent, this week.
Brent for June settlement was up 0.3 percent at $74.82 a barrel on the London-based ICE Futures Europe exchange after closing up 0.1 percent at $74.57 on Wednesday. The global benchmark crude was at a premium of $8.90 to WTI.
Source : Bloomberg