U.S. crude futures steadied near six-month lows at close to $97 a barrel early on Thursday, pressured by ample supplies in the world’s top oil consumer as crude stockpiles at the key Cushing delivery hub rose.
U.S. crude for September delivery was nearly flat at $96.94 a barrel by 0006 GMT. The contract dropped to as low as $96.69 on Wednesday, its weakest since early February.
The Brent oil September contract was also little changed at $104.66 a barrel. Crude stocks at Cushing, Oklahoma – the delivery hub for the U.S. crude contract – rose by 83,000 barrels in the week to Aug. 1, the Energy Information Administration said on Wednesday.