Yemisi Izuora
Oil prices remained steady on Thursday, but concerns over global growth and a sharp rise in U.S. stocks kept the market under pressure.
U.S. West Texas Intermediate, WTI, crude futures 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.
Analysts also pointed to a surprise increase in U.S. 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.