Oil prices were fairly static on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market.
Shortly before noon EST, Brent futures were up 50 cents at $76.54 U.S. a barrel. U.S. West Texas Intermediate crude rose 46 cents to $72.71.
U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday.
Official oil inventory data from the U.S. Energy Information Administration (EIA) is due later on Thursday.
Analysts have forecast that about 2.2 million barrels of crude were added to U.S. stockpiles in the week ended February 14.
Separately, Russia said Caspian Pipeline Consortium oil flows, a major route for crude exports from Kazakhstan, were reduced by 30%-40% on Tuesday after a Ukraine drone attack on a pumping station.
A 30% cut would reportedly equate to the loss of 380,000 barrels per day of market supply.
Import tariffs announced by U.S. President Donald Trump’s administration could dent oil prices by raising the cost of consumer goods, analysts said, weakening the global economy and reducing fuel demand. Concerns about European and Chinese demand were also helping keep prices in check.
