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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.