Oil prices were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs was offset by fears that U.S. crude stocks hitting their highest for months may signal weakening demand in the world’s no. 1 economy.
Brent crude futures gained 1 cent to $85.10 a barrel by 0446 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $78.44 a barrel. Both benchmarks have gained more than 6% so far this week.
“U.S. crude oil … inventories have continued to exceed expectations, which to some extent erodes the bullish sentiments brought from China’s demand recovery hopes,” said analysts from Haitong Futures.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.