Oil prices remained stable despite a decline in crude inventories, as fuel inventories rose and traders weighed demand concerns against supply uncertainty.
Crude oil prices remained oblivious to the Energy Information Administration’s report of an estimated inventory decline of 4.2 million barrels for the week to May 24, as fuel inventories rose. The crude inventory figure compared with a modest increase of 1.8 million barrels for the previous week and American Petroleum Institute estimate for a 6.5-million-barrel inventory draw for the week to May 24 as reported on Wednesday.
1 million barrels. Oil prices, meanwhile, have stabilized after posting a minor drop on Wednesday. Traders appear to be locked between expectations of softer demand and uncertainty about supply sufficiency. The demand concern yesterday got support from lukewarm buyer interest in the latest placement of U.S. Treasuries. It was the third such unattractive placement in two days, suggesting oversupply and the resulting lower demand.
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