Oil prices steady

AFP, LONDON: Oil prices held steady yesterday after slumping to three-month lows as a surprise jump in US crude stocks stoked global supply
glut jitters.
US energy department data showed Wednesday that inventories were 13.4 per cent higher on-year, while gasoline stocks were up 11.8 per cent, indicating demand remains weak as the peak holiday driving season comes to a close.
The news had sent Brent tumbling three percent and West Texas Intermediate more than two percent down to sit at levels not seen since April.
“The downward momentum in oil prices intensified yesterday after the publication of US inventory data,” said Commerzbank analyst Carsten Fritsch.

Oil prices steady

AFP, LONDON: Oil prices held steady yesterday after slumping to three-month lows as a surprise jump in US crude stocks stoked global supply glut jitters. US energy department data showed Wednesday that inventories were 13.4 per cent higher on-year, while gasoline stocks were up 11.8 per cent, indicating demand remains weak as the peak holiday driving season comes to a close. The news had sent Brent tumbling three percent and West Texas Intermediate more than two percent down to sit at levels not seen since April. The downward momentum in oil prices intensified yesterday after the publication of US inventory data, said Commerzbank analyst Carsten Fritsch.