Oil stood little changed around $40 a barrel today, after falling the previous day on lower share prices and after data showed US crude inventories rose under the weight of an economic slowdown.
rude stocks in the world's top energy consumer jumped by 7.2 million barrels to an 18-month high last week, data from the U.S. Energy Information Administration showed.
Crude stocks in the world's top energy consumer jumped by 7.2 million barrels to an 18-month high last week, data from the U.S. Energy Information Administration showed.
That was more than twice the rise that analysts had forecast and the sixth straight weekly increase.
US light crude for March delivery ticked up 3 cents to $40.35 a barrel at 6.22am, having earlier risen 20 cents. That is about $4 below London Brent crude for the same month, which gained 25 cents to trade at $44.40 a barrel.
NYMEX crude for April delivery is also around $4 a barrel pricier than for March delivery, with the contango firming to more than $13 a barrel towards the end of the year, creating an opportunity for traders to profit from storing crude for later use and showing they may be betting on a recovery late this year.
Today, Asian shares edged up cautiously for a third straight session, providing some support for oil prices battered by economic concerns as hopes for a recovery in China's economy raised confidence about the outlook for global trade.
Reuters