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Oil prices steadied on Thursday, but concerns over global growth and a sharp rise in US stocks kept the market under pressure.
International Brent crude oil futures LCOc1 were at $61.17 a barrel at 0124 GMT, up 3 cents from their last settlement, having closed down 0.6 per cent in the previous session.
US West Texas Intermediate (WTI) crude futures CLc1 were at $52.63 per barrel, up 3 cents from their last settlement. WTI futures closed little changed on Wednesday.
Analysts said oil remains under pressure amid growing concerns about a slowdown in global economic growth.
“Global energy demand has been soft as uncertainty remains in the minds of investors,” said Alfonso Esparza, senior analyst, OANDA, Reuters reported.
Analysts also pointed to a surprise increase in US crude stocks after refineries cut output, according to industry data.
Crude inventories rose by 6.6 million barrels in the week ended Jan. 18 to 443.6 million, compared with analysts’ expectations for a decrease of 42,000 barrels.
Gasoline stocks rose by 3.6 million barrels, compared with expectations in a Reuters poll for a 2.7 million-barrel gain.