NextGen Day

Following a larger-than-expected increase in oil stockpiles in the United States, the world’s top oil consumer, oil prices slightly increased on Thursday due to concerns about demand.

At 9:22 a.m. local time (06:22 GMT), international benchmark Brent crude was trading at $82.75 per barrel, up 0.10 percent from the previous trading session’s closing price of $82.67 per barrel.

At the same time, the American benchmark West Texas Intermediate traded at $77.48 a barrel, up 0.09 percent from the session’s closing price of $77.41 per barrel.

Energy Information Administration (EIA) data show that US commercial crude oil inventories climbed by almost 19 million barrels to 439.6 million barrels.

The market anticipated a decrease of about 2.4 million barrels.

Oil prices were impacted by a rise in crude stocks, which indicated declining petroleum demand in the US.

In contrast to mounting concerns about more interest rate increases in the US, renewed expectations of rising demand in China, the world’s largest oil importer, restrained further price increases.

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