Crude prices steady

Oil prices were steady on Thursday as an unexpected build in US gasoline inventories offset a higher than forecast draw in crude stocks. Brent crude for August delivery LCOc1 was up 2 cents at $63.51 a barrel by 0648 GMT (0248 EDT), after ending the previous day down 96 cents, or 1.5 per cent. The benchmark rose 22 cents earlier in the session. US crude for delivery in August CLc1 was down 14 cents at $60.13 a barrel, after finishing Wednesday down 74 cents, or 1.2 per cent. The gap between Brent and West Texas Intermediate tightened towards $3 on Wednesday, but widened in Asian trade on Thursday. UBS raised its average 2015 Brent crude price forecast on Thursday to $61.50 per barrel from $56.25 per barrel earlier, while it increased its average 2015 US crude price outlook to $56 a barrel, up from $51. Its revised 2016 forecasts are $70 per barrel for Brent and $67.50 per barrel for US crude. US crude stocks declined for the eighth straight week, by 4.9 million barrels to 462.99 million, in the week ending June 19, compared with analyst expectations of a 2.1 million barrel draw, the EIA said, according to Reuters.