Global oil prices stabilize

Oil prices stabilized on Thursday after falling the previous day on signals that the crude exceeds demand in the market.

Reported from Interfax that the data from the American Petroleum Institute (API), published overnight from Wednesday to Thursday, showed an increase in US inventories last week by 1.837 million barrels. This included an increase in inventories at the Cushing terminal, where oil traded on Nymex is stored.

Official data on energy reserves will be released by the US Department of Energy on Thursday evening. The increase in Cushing oil inventories, if confirmed, would mark the tenth straight week of increases, the longest period of continuous increase since 2016.

The price of February futures for Brent oil on the London ICE Futures exchange was $79.61 per barrel, which is $0.04 (0.05%) lower than at the close of previous trading.

WTI oil futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by this time by $0.09 (0.12%), to $74.02 per barrel.

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