(Bloomberg) — Oil held a gain as traders weighed conflicting signals on global supply, with futures continuing to take cues from broader equity markets.
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West Texas Intermediate edged above $78 a barrel after closing 1.1% higher on Wednesday. Brent settled near $83. The American Petroleum Institute reported a big increase in US crude stockpiles, according to people familiar with the data, but timespreads are signaling a tightening market.
Oil has been stuck in a tight $10-a-barrel range this year as rising geopolitical risks in the Middle East and disruptions in the Red Sea compete with a gloomy demand outlook from top importer China. In the US, minutes from the Federal Reserve’s latest meeting show most officials remain worried about the risk of cutting borrowing costs too soon — a headwind for overall energy demand.
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