Oil steady; US gasoline demand offsets China move to tap oil stocks
NEW YORK (Reuters) -Oil prices held steady on Thursday as lower U.S. production after Hurricane Ida and high gasoline demand offset a small crude draw and China’s announcement that it would release state oil reserves to ease pressure on domestic refiners.
Brent futures fell 15 cents, or 0.2%, to $72.45 a barrel by 11:55 a.m. EDT (1555 GMT). U.S. West Texas Intermediate (WTI) crude fell 9 cents, or 0.1%, to $69.21.
The surprise Chinese move aims to “better stabilise domestic market supply and demand and effectively guarantee the country’s energy security,” according to China’s National Food and Strategic Reserves Administration.
