Oil prices steady after two-day drop as growth concerns weigh

SINGAPORE: Oil prices were steady on Wednesday, after falling the past two days, as a surge in US 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 per cent, to $55.32 a barrel by 0252 GMT, after falling 4.3 per cent during the previous two sessions.

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