Oil hardly changed steady as demand worries counter fall in US stocks

Oil prices held steady on Wednesday as the concern about weaker demand offset industry data that showed a larger-than-expected drawdown in US crude stockpiles.

“A sharper decline in inventories should support oil prices, but the rebound was limited by concerns about potential weak demand, and the White House stated that it will further release strategic reserves,” said Leon Li, a Shanghai-based analyst at CMC Markets. After Tuesday’s settlement, industry group the American Petroleum Institute said crude stocks in the US fell by 4-million barrels last week.Petrol inventories fell by 1.1-million barrels, compared with expectations for a build of 3.5-million barrels, the data showed.

The Biden administration said on Tuesday it will sell an additional 20-million barrels of oil from the country’s Strategic Petroleum Reserve as part of a previously announced plan to tap the facility to calm oil prices boosted by Russia’s invasion of Ukraine and a recovery in demand following the Covid-19 pandemic.

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