Oil’s surge so far this year took a pause after a report showed U.S. crude supplies rising by the most since January and production reaching a record.
Crude futures were little changed, after dipping 0.2 percent Wednesday. The U.S. Energy Information Administration report renewed questions about a global oversupply, showing crude stockpiles grew by 7.24 million barrels last week, topping analyst and industry estimates. Prices found support from signs of progress between the U.S. and China on a trade deal.
WTI for May delivery was steady at $62.45 a barrel on the New York Mercantile Exchange as at 9:23 am Sydney time. May WTI settled 12 cents lower at $62.46 a barrel Wednesday.
Brent for June settlement slipped 6 cents to settle at $69.31 on the ICE Futures Europe exchange, after earlier moving as high as $69.96. The global benchmark crude’s premium over West Texas Intermediate was $6.79 a barrel for the same month.
Source : Bloomberg