Brent crude holds stable ahead of US stockpile data release

10/09/2020 Argaam

Oil prices held stable on Thursday ahead of release of official data on US stockpiles and after initial estimates indicated an increase in stocks last week, indicating a decline in demand for crude oil amid the ongoing coronavirus pandemic.

 

Brent crude futures contract for November was trading at $40.79 a barrel, at 8.55 am Makkah time.

 

US West Texas Intermediate crude, meanwhile, was slightly lower by 0.1% at $38 a barrel.

 

Data from the American Petroleum Institute, released Wednesday, showed an increase in US stockpiles by 3 million barrels in the week to Sept.4, Reuters reported.

 

Energy Information Administration’s statistics on US stockpiles is expected to be released later today.

 

If EIA indicates a rise in stockpiles, it would be the first US stock build since mid-July, Reuters reported, citing ING analysts.

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