Oil steady on mixed stockpile data and lingering demand concern
BNN Bloomberg
Oil steadied as investors weighed mixed U.S. data on crude and petroleum stockpiles amid persistent concerns over the outlook for demand.
West Texas Intermediate futures traded above US$72 a barrel after gaining 1.1 per cent Wednesday. Crude inventories at the Cushing storage hub rose for a seventh week, while gasoline stockpiles also gained, according to government figures. However, refinery utilization was at the highest level since 2019, providing some bullish sentiment for summer demand.
Oil is still down 10 per cent this year as China's sluggish economic recovery, interest rate hikes from the Federal Reserve and robust Russian crude flows weigh on prices. Investors will also be watching data on jobless claims later Thursday for clues on the path forward for U.S. monetary policy.
