Market News
Oil steady as economic concerns weigh despite firm demand expectations - REUTERS
By Paul Carsten
Summary
- Macroeconomic concerns stemming from tariffs remain prevalent
- Global demand firmer year on year and exceeded expectations, JP Morgan analysts say
- Gasoline inventories fall more than expected, EIA data shows
LONDON, March 13 (Reuters) - Oil prices were largely steady on Thursday after surging in the previous session on a larger-than-expected draw in U.S. gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand expectations.
Brent futures were up 17 cents to $71.12 a barrel at 0843 GMT, while U.S. West Texas Intermediate crude futures were up 13 cents to $67.81 a barrel.
Both benchmarks rallied about 2% on Wednesday after U.S. government data showed tighter-than-expected oil and fuel inventories.
