Oil price steadies after unexpected build in US crude stockpiles

Brent crude futures rose 2 cents to settle at US$56.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $53.13 a barrel. Both benchmarks rose over the past two days on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.(File pic shows oil storage at Cushing, Oklahoma.)

NEW YORK: Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.

Brent crude futures rose 2 cents to settle at US$56.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $53.13 a barrel.