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(Bloomberg) — Oil steadied after a two-day decline, as traders weighed price cuts from key producer Saudi Arabia and the biggest jump in US stockpiles since July.
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Brent held above $63 after sliding 2.1% over the previous two sessions, while West Texas Intermediate was below $60. The cut by Saudi Aramco in the price of its main grade to Asia was in line with expectations. Meanwhile, the US Energy Information Administration said nationwide crude inventories rose 5.2 million barrels in the week ending Oct. 31.
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Brent has slid almost 15% this year as increased production from OPEC+ and non-member nations amplifies concerns about a global glut, although US sanctions on Russia’s two biggest producers, along with Ukrainian strikes on its neighbor’s energy infrastructure, have raised some supply concerns. The boss of commodities trader Mercuria Energy Group Ltd. said at the Adipec conference in Abu Dhabi on Wednesday that the oversupply is forming slowly, but is likely to be as much as 2 million barrels a day next year.
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“Downward pressure is expected to remain dominant in the current market as concerns over supply continue,” said Kim Kwangrae, a commodities analyst at Samsung Futures Inc. in Seoul. The Saudi price cut was in line with expectations and appears to be an effort to win market share, he said.
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The EIA report also provided some backstop to the bearish momentum. US gasoline stockpiles dropped nearly 5 million barrels to the lowest in three years, even as exports and demand were nicerelatively flat.
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