Brent Oil Steady at $83 after Pipeline Rumors

Data from the Energy Information Administration showed on Wednesday that crude inventories edged up 460,000 barrels in the week to Oct. 31, compared with analysts’ expectations for an increase of 2.2 million barrels.

Gasoline stocks fell 1.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 380,000-barrels drop. Distillate stockpiles, which include diesel and heating oil, fell 724,000 barrels, versus expectations for a 1.8-million-barrel drop, the EIA data showed.

Oil prices jumped on the previous session as a fire broke out on Wednesday during repairs at an oil product pipeline north of the Saudi Arabian capital, Riyadh. The fire has been extinguished, state news agency SPA and security and industry sources said. The pipeline was carrying diesel, not crude oil, an industry source in the country said.

Reuters

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