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Oil Steady as US Inventory Build Signals Slowing DemandSingapore, 13 Aug (ONA) — Oil prices were little changed today after industry data showed a rise in US crude inventories last week, reinforcing expectations that the peak summer demand season is coming to an end.
The US driving season typically runs from Memorial Day weekend in late May through early September.
Brent crude futures edged up 3 cents to $66.15 a barrel, after falling 0.8% in the previous session.
US West Texas Intermediate (WTI) crude futures slipped 3 cents to $63.14, following a 1.2% decline yesterday “Tuesday”.
Market sources, citing figures from the American Petroleum Institute (API), said US crude stocks — in the world’s largest oil consumer — rose by 1.52 million barrels last week. — Ends/AH
