Oil steadied as US crude stockpiles expanded for a third week, with traders monitoring an escalation of the war in Ukraine.
West Texas Intermediate traded near $69 a barrel after closing 0.7% lower on Wednesday, while Brent settled below $73. US crude inventories rose by 545,000 barrels last week, according to government data. The volume was significantly smaller than figures flagged by an industry report.
Oil has swung between gains and losses since mid-October, buffeted by a range of factors including signs of ample supply and a stronger dollar. Russia's war in Ukraine is attracting more attention, with Ukrainian forces expanding the use of Western-provided long-range weapons.
In the US, meanwhile, gasoline inventories swelled 2.05 million barrels, but crude stockpiles at the storage hub at Cushing, Oklahoma, fell by 140,000 barrels, according to Energy Information Administration data.
WTI for January delivery rose 0.4% to $69.03 a barrel at 7:31 a.m. in Singapore. Brent for January settlement closed 0.7% lower at $72.81 a barrel on Wednesday.
Source: Bloomberg
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