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Oil prices were broadly stable yesterday after sharp losses in the previous session, with investors hoping that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
With official data showing US inventories surging the most on record, US West Texas Intermediate (WTI) fell on Wednesday to its lowest since February 2002, with Brent losing more than 6 percent.
Brent crude was down 19 cents, or 0,7 percent, at $27,50 a barrel by 0754 GMT. WTI was up 7 cents, or 0,4 percent, at $19,94.
Brent was heading for its third straight session of losses, while WTI eeked out its first tentative gains after falling for four sessions.
Concerns about crumbling demand kept a lid on gains, with both contracts trading earlier in the session as much as 2,5 percent higher than on Wednesday. – Reuters.
Online Reporter