Oil steadies after big fall, but soaring U.S. crude output still weighs

SINGAPORE (Reuters) – Oil prices steadied on Thursday, supported by healthy demand, after falling the previous day under pressure from record U.S. crude production and rising inventories. Brent crude futures LCOc1 were at $64.36 per barrel at 0758 GMT, up 2 cents, or 0.03 percent, from their previous close. That slight rise came after a fall of more than 2 percent the previous day. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.16 a barrel, up 1 cent, or 0.02 percent. WTI also fell by more than 2 percent the previous session. The steadier prices on Thursday followed a U.S. crude inventory build that was not as big as expected during the current seasonal demand lull at the end of winter, when many oil refineries shut down for maintenance. “Oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration … (where) the headline figure was better than expected,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com. The EIA reported late on Wednesday that U.S. crude inventories C-STK-EIA rose by 2.4 million barrels in the week to March 2, to 425.91 million barrels, less than the 2.7 million barrel… continue reading

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