Oil steady as demand concerns offset US crude stock drawdown
KUALA LUMPUR (Reuters) -Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude futures were at $104.35 a barrel at 0250 GMT, down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $95.07 a barrel. WTI had climbed nearly $1 earlier in the session.
“A sharper decline in inventories should support oil prices, but the rebound was limited by concerns about potential weak demand, and the White House stated that it will further release strategic reserves,” said Leon Li, a Shanghai-based analyst at CMC Markets.
