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Oil steady after surprise build in U.S. crude stocks

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Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers.

In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month.

Data from the American Petroleum Institute showed crude inventories rose by about 380,000 barrels in the week ended April 7, sources said, against forecasts from eight analysts polled by Reuters for a decline of 600,000 barrels. Philadelphia Federal Reserve Bank President Patrick Harker said he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year.

 

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