Oil steady as demand worries counter surprise drop in U.S. crude stocks

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Oil prices were mixed on Wednesday as concerns over rocky demand in Europe counterbalanced hopes of a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week.

FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant/File Photo

U.S. West Texas Intermediate crude futures rose 4 cents to $64.84, after climbing as much as 28 cents in early trade. Trading in oil futures is now as heavy as it was in the first months of the COVID-19 crisis with oil bulls and bears rushing to hedge against jolts in prices. “The market was wrong-footed but still pleasantly surprised after U.S. oil stockpiles unexpectedly fell last week,” said Stephen Innes, chief global market strategist at Axi.

 

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