You are here
Oil prices steady, but inventory build drags
[SINGAPORE] Crude futures were steady on Wednesday, but ballooning volumes in storage around the world were expected to pressure prices.
Brent oil futures were trading at US$55.13 a barrel at 0229 GMT and US WTI crude was at US$47.48 a barrel - both virtually unchanged from their last settlement. "Another week, another record US commercial stock level,"said US-based PIRA Energy.
US crude stockpiles were forecast to extend their record build into an eleventh consecutive week.
A poll of eight analysts, taken ahead of weekly reports from industry group the American Petroleum Institute (API) on Tuesday and the US Energy Information Administration (EIA) on Wednesday, showed a crude stock build of 5.1 million barrels on average last week.
PIRA said that Japanese crude stocks had also risen slightly due to higher imports and spring-time refinery maintenance.