Oil prices were little changed as falling US inventories offset global demand woes By Reuters

By Katya Golubkova

TOKYO (Reuters) – Oil prices were little changed on Thursday after falling in the previous session, as signs of stronger demand for the fuel and lower inventories in the U.S., the world’s biggest oil user, offset worries about demand in other parts, especially from China.

Futures were up 9 cents, or 0.12 percent, at $73.55 a barrel, while U.S. West Texas Intermediate crude was up 4 cents, or 0.06 percent, at $69.73 a barrel. , starting at 0058 GMT.

Oil prices fell more than 2 percent on Wednesday as concerns over supply disruptions in Libya eased and worries about demand continued despite China’s latest stimulus plans. Oil prices initially rose following the stimulus announcement from the world’s largest oil importer.

“While the announcement of new stimulus measures by Chinese officials coincided with increases in many commodity prices, the package does not materially change the outlook for China’s commodity demand,” Capital Economics said in a note.

Signs of a rebound in Libyan oil are also weighing on prices after delegates from Libya’s divided east and west agreed on a process to appoint a central bank governor, a step that could help resolve the crisis over control of the country’s oil. revenues that disrupted exports.

The market ignored data that showed stronger demand in the United States, ANZ Research said in a note, as the Energy Information Administration (EIA) reported that US oil stockpiles fell more than expected overall last week .

“Any revival in Libyan production would backfire on a market that is already being hit by concerns about weak US and Chinese demand,” ANZ Research said.

However, gasoline demand on a weekly supplied basis rose to more than 9 million barrels per day (bpd) last week, EIA data showed, while distillate fuel supplied to the market rose to more than 4 million barrels per day.