Oil edges up as market shrugs off U.S. inventory surge

Brent crude futures rose 26 cents to $85.64 per barrel by 0131 GMT, while U.S. West Texas Intermediate crude futures gained 34 cents to $78.93.

U.S. crude oil stocks soared last week by 16.3 million barrels to 471.4 million barrels, the highest level since June 2021, the Energy Information Administration said. The larger-than-expected build was largely due a data adjustment, which analysts said muted the impact to oil prices. Helping to support prices was the International Energy Agency's prediction that oil demand will rise by 2 million barrels per day in 2023, up 100,000 bpd from last month's forecast to a record 101.9 million bpd, with China making up 900,000 bpd of the increase.

China will account for almost half of 2023 oil demand growth after relaxing its COVID-19 curbs, the IEA said.Latest Updates

“U.S. crude oil stocks soared last week by 16.3 million barrels to 471.4 million barrels, the highest level since June 2021…Administration (EIA) said. The larger-than-expected build was largely due a data adjustment, which analysts said muted the impact to oil prices.” 👍

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