Crude oil futures were flat Wednesday, pausing after a collapse below $30 to the lowest in 12 years.
Feb. oil was up 4 cents, or 0.1%, to settle at $30.48/bbl on Nymex, breaking a brutal seven-day losing skid.
Crude oil inventories in the US rose only 234,000 barrels last week, but there were builds of 8.4 million barrels in gasoline and over 6 million in distillates.
The data suggests crude oil production has not waned as much as analysts had come to expect.
Global markets remain oversupplied, with OPEC also stubbornly refusing to curb output.
The material has been provided by InstaForex Company – www.instaforex.com