Oil prices stabilise after drop to near 6-month low based on supply fears
LONDON (Reuters) -Oil prices were broadly steady on Thursday as the market weighed tight supply against fears of a demand slowdown, after a build in U.S. crude and gasoline stocks sent prices to multi-month lows in the previous session.
Brent crude futures were down 3 cents to $96.75 a barrel by 1200 GMT, while West Texas Intermediate (WTI) crude futures were up 40 cents, a 0.44% gain, at $91.06.
Both benchmarks fell on Wednesday to their weakest levels since before Russia’s Feb. 24 invasion of UKraine, that Moscow calls “a special operation”.
The move followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said.
