Oil prices pare losses after stockpiles rise but less than feared

[NEW YORK] Oil prices pared losses on Thursday after crude stock builds reported by the government for last week came in way below an industry estimate but still higher than a Reuters poll.

Benchmark Brent oil futures were down US$1.65 at US$58.88 a barrel, versus a session low of US$57.80. US crude futures were down US$2.02 at US$50.12 a barrel, after falling to US$49.15 earlier.

The Energy Information Administration said US crude inventories rose by 7.7 million barrels in the last week. Industry group American Petroleum Institute had estimated a build of more than 14 million barrels while a Reuters poll had forecast a build of just over 3 million.

REUTERS