Oil prices were little changed on Thursday, with Brent crude futures hovering slightly below seven-week highs. Traders were weighing geopolitical developments in the Middle East while awaiting the upcoming U.S. inventory data.
Brent crude for August delivery rose 6 cents to $85.13 per barrel by 03:15 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for July dipped 15 cents to $81.42 per barrel.
The more active August WTI contract fell 17 cents to $80.54 per barrel. There was no WTI settlement on Wednesday due to a U.S. holiday, which kept trading largely subdued.
WTI crude slipped ahead of the release of the U.S. government’s oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is set to release last week’s oil stocks data at 11 a.m. EDT (15:00 GMT) on Thursday.
Surprise rise in U.S. crude stocks
An industry report released on Tuesday showed U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, while gasoline inventories fell, according to market sources citing American Petroleum Institute figures.
Oil prices dip after hitting seven-week highs
Oil prices had dipped on Wednesday after hitting seven-week highs, as optimism over summer demand and concerns over escalating conflicts offset the unexpected rise in U.S. crude inventories. Brent crude futures slipped 6 cents, or 0.1 percent, to $85.27 a barrel by 19:43 GMT, while U.S. WTI crude was down 10 cents, or 0.1 percent, at $81.47 per barrel.
Read more: Oil prices hover around $85 amid global tensions, inventory shifts
China data shows mixed economic signals
China data this week showed May industrial output lagged expectations, but retail sales, a gauge of consumption, marked the quickest growth since February.
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