Oil steadied as persistent demand concerns were offset by declines in crude stockpiles in the US.
West Texas Intermediate traded above $75 a barrel, after dropping by 0.5% on Wednesday. Nationwide inventories fell with stockpiles at the Cushing, Oklahoma, storage hub shrinking by the most since October 2021, according to official data. However, that was tempered by a second weekly dropin demand for the main refined products: gasoline, distillates and jet fuel.
The recent revival in the US dollar, following a slump last week, added to the bearishness for oil, with commodities priced in the currency more expensive for most buyers. Crude has traded in a narrow range this week, and is still marginally down this year, after making a sharp break higher since late June on signs the market may finally be tightening.
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