U.S. crude futures held near a two-week low below $102 a barrel in early Asian trade on Thursday after oil stockpiles in the world’s biggest oil consumer rose last week to their highest levels since records began in 1982.
U.S. crude gained 14 cents to $101.58 a barrel by 0028 GMT, after settling 31 cents lower in the previous session. Brent futures gained 11 cents to $109.22 after ending 16 cents down.
U.S. crude inventories rose by 3.5 million barrels in the week ending April 18, Energy Information Administration data (EIA) showed on Wednesday, well above analysts’ expectations of a 2.3 million-barrel build. At 397.7 million barrels, they are at their highest since 1982, when the EIA began collecting data.