Brent Oil Steady Just Below $60 on Record Stocks

Brent crude oil prices rebounded from morning lows but remained stalled around $60 a barrel on Thursday after U.S. government data showed crude stocks hit a record high last week.

U.S. commercial crude oil inventories rose by 7.7 million to a record 425.64 million barrels in the week ended Feb. 13, said the U.S. Energy Information Administration.

The build was the biggest weekly addition in barrels since records began in 1982, exceeding analysts’ expectations of a 3.2 million barrel rise.

CNBC

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