Oil steadied as investors weighed mixed US data on crude and petroleum stockpiles amid persistent concerns over the demand outlook.
West Texas Intermediate futures traded near $72 a barrel after gaining 1.1% Wednesday. US crude inventories at the key Cushing storage hub rose for a seventh week, while gasoline stockpiles also gained, government figures show. However, refinery utilization was at the highest since 2019, providing some bullish sentiment for summer demand.
Oil is still down 10% this year as China’s sluggish economic recovery, interest rate hikes from the Federal Reserve and robust Russian crude flows weigh on prices. Investors will be watching data on US jobless claims later Thursday for clues on the path forward for US monetary policy.
While US gasoline stockpiles rose for the first time in five weeks, inventories are still below the five-year seasonal average, according to Energy Information Administration data. The Memorial Day weekend at the end of May is typically the start of the nation’s summer driving season.
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