LONDON: Oil prices held steady on Thursday after slumping to three-month lows as a surprise jump in US crude stocks stoked global supply glut jitters.
US energy department data showed on Wednesday that inventories were 13.4 per cent higher on-year, while gasoline stocks were up 11.8 per cent, indicating demand remains weak as the peak holiday driving season comes to a close.
The news had sent Brent tumbling three per cent and West Texas Intermediate more than two per cent down to sit at levels not seen since April. “The downward momentum in oil prices intensified yesterday after the publication of US inventory data,” said Commerzbank analyst Carsten Fritsch.
However, the market steadied in London early afternoon deals as traders paused for breath. Shortly after 1200 GMT, European benchmark North Sea Brent crude was down four cents at $43.43 per barrel, while New York’s West Texas Intermediate rose 12 cents to $42.04 a barrel.
Some bargain-buyers moved in, helped by a weaker dollar after the Federal Reserve indicated that any US interest rate increase would be slow and measured.
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