Oil steady as investors weigh supply and demand drivers
Brent crude futures fell 21 cents, or 0.3%, to $76.74 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures eased 21 cents, or 0.3%, to $72.32 a barrel.
"Oil prices have been attempting to recover lately but it has been a struggle," said Yeap Jun Rong, market strategist at IG. Gasoline inventories climbed by 2.7 million barrels in the week, the EIA said Wednesday, higher than analyst expectations for a 880,000 barrel rise. "We considered substantially lowering our oil price deck in the absence of OPEC+ action last Sunday, but even a 1 million barrel/day cut looks unlikely to underpin a sustainable price increase," Citi analysts said on Thursday.
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