Crude oil prices edged lower Thursday, as market sentiment remained cautious after data showed U.S. crude inventories made their largest gains in more than 30 years last week.
U.S. crude futures were recently down three cents, or 0.1%, at $45.31 a barrel on the New York Mercantile Exchange, reversing earlier gains and on track for the fifth consecutive day of losses. Brent crude, the global oil benchmark was up five cents or 0.1% at $46.91 a barrel.
On Wednesday, the U.S. Energy Information Administration said crude-oil stockpiles rose by a record 14.4 million barrels for the week ended Oct. 28. The report sent prices lower and highlighted concerns over excess supply in the global oil market.
Prices were still suffering from the inventory report on Thursday, said Andy Lebow, senior partner at Commodity Research Group. “A lot of the bullish undercurrents to this market have been removed to a certain extent. We’re still reeling from yesterday’s stock build,” Mr. Lebow said.
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