Oil steadies after big plunge on high inventories, lower demand forecasts
Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in US crude stockpiles and worries about lower demand growth.
Brent crude futures were up 12 cents, or 0.2%, at 60.09 by 0035 GMT. They fell 3.7% on Wednesday to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.
US West Texas Intermediate crude futures were also 12 cents, or 0.2%, higher at $51.26. They ended 4.0% lower in the previous session at $51.14 a barrel, the lowest close since Jan. 14.
