MORNING LIVE CRUDE OIL UPDATE ::
Oil inched up on Thursday amid ongoing tensions over the death of a prominent Saudi journalist, with prices steadying after a big drop overnight due to a jump in U.S. crude stockpiles.
U.S. West Texas Intermediate crude for October delivery was up 12 cents, or 0.2 percent, at $69.87 a barrel by 0413 GMT, after falling 3 percent in the previous session to settle below $70 for the first time in a month.
Front-month London Brent crude for December delivery was up 13 cents, or 0.2 percent, at $80.18, having ended down 1.7 percent.
U.S. crude stocks rose 6.5 million barrels last week, the U.S. Energy Information Administration said on Wednesday, the fourth straight weekly build and almost triple what analysts had forecast. [EIA/S]
“The impact of the inventory-jump weighed on the market and oil seems bearish,” said Kaname Gokon, a trader in Japan.
“The United States may have to go ahead with sanctions on Saudi Arabia, which could push prices higher, but Russia and other producers are set to increase supplies.”
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