Oil held near the lowest level in almost two months as American crude inventories expanded the most since May and disappointing U.S. economic data added to pessimism over the demand outlook.
Futures in New York edged higher after closing down 1.8% on Wednesday. U.S inventories swelled by a more-than-expected 3.1 million barrels last week, according to Energy Information Administration data. American private payrollsfor September fell short of estimates, a day after a manufacturing gauge slumped to the lowest in a decade, spurring drops in financial markets.
West Texas Intermediate for November delivery rose 18 cents, or 0.3%, to $52.82 a barrel on the New York Mercantile Exchange as of 11:18 a.m. in Singapore. It lost 10% in the seven trading sessions through Wednesday.
Brent for December settlement added 1 cent to $57.70 a barrel on the ICE Futures Europe Exchange after tumbling 2% on Wednesday. The global benchmark crude traded at a $5.03 premium to WTI for the same month.
Source : Bloomberg