Crude oil prices little changed as US crude, diesel stocks swell
NEW YORK: Oil futures dipped and then bounced to trade around even on Thursday after US crude and distillate inventories rose much more than expected, with traders also worried that China’s new Hong Kong security law could result in trade sanctions.
The US Energy Information Administration (EIA) said crude inventories rose 7.9 million barrels in the latest week, exceeding expectations, due to a big increase in imports. Distillate stockpiles rose sharply, as refiners picked up output but overall demand fell.
