Photo: ReutersLondon: Oil prices steadied on Thursday after a sharp rise in US crude and gasoline stockpiles, although evidence that organisation of petroleum exporting countries (Opec) and other big exporters were cutting production helped support sentiment. Both crude oil benchmarks are now near the top of recent price ranges. “I think buyers will shy away if the market jumps another dollar.”US crude oil inventories rose last week by an unexpected 6.5 million barrels to 494.76 million barrels, the Energy Information Administration said on Wednesday. The build in crude stocks far exceeded analysts’ expectations for an increase of 3.3 million barrels. Gasoline stocks climbed by 3.9 million barrels, compared with analyst expectations of a 1 million barrel gain.

Source: Mint February 02, 2017 10:39 UTC