Oil prices steady after 2-day drop amid growth concerns

Oil prices were steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lacklustre global economic growth amid the trade war between the United States and China, the world’s two biggest oil consumers.

West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $55.32 a barrel by 0252 GMT, after falling 4.3% during the previous two sessions.

Brent crude futures were at $60.93 a barrel, up 2 cents, or 0.03%. Brent dropped 3.8% during the prior two sessions.

U.S. crude inventories rose 6 million barrels in the week to Nov. 15 to 445.9 million, compared with analysts’ expectations for an increase of 1.5 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.