RIYADH: Oil prices were steady on Thursday after US crude stocks climbed less than expected, while investors awaited further clarity on supply drivers, including an OPEC+ meeting and the looming EU ban on Russian refined products.
Brent crude futures dipped .09 cents, or 0.10 percent, to $86.03 per barrel 08:15 a.m. Saudi time, while US West Texas Intermediate crude futures rose 15 cents, or 0.19 percent, to $80.30.
US crude stocks highest since June 2021 as fuel demand falls
US crude inventories rose last week as demand for fuels tapered off, and while the increase was less than expected, crude stocks reached the highest level since June 2021, the Energy Information Administration said on Wednesday.
Crude inventories rose by 533,000 barrels in the last week to 448.5 million barrels in the week ending Jan. 20, substantially short of forecasts for a 1 million-barrel rise.
Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day to 19.4 million barrels per day, EIA data showed.
The four-week average for product supplied fell to 18.9 million barrels per day, off nearly 11 percent from year ago levels.
US gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.
Though distillate demand fell by a 146,000 barrels per day, distillate stockpiles, which include diesel and heating oil, were down by 0.5 million to 115.3 million barrels, EIA data showed.
Refinery crude runs rose by 128,000 bpd in the last week, the EIA said, as refiners ramped back up after a December winter storm caused plants to idle some production.
Net US crude imports fell by 1.79 million barrels per day, the EIA said.
(With input from Reuters)
