Oil prices steady after glut-driven losses
Thursday, 2 July 2015
Oil prices steadied on Thursday after a day of steep losses driven by an unexpected build in US crude stocks that added to a global supply glut. Traders were keeping a close eye on nuclear talks between Western powers and Iran, looking for any sign of a deal to lift sanctions on the oil-rich nation. Brent futures were trading 29 cents higher at $62.30 per barrel at 0946 GMT. Front-month US crude futures were up 6 cents at $57.02 per barrel. Prices had slumped between 2.5 and 4 per cent on Wednesday after a surprise weekly rise in US crude inventories, the first build since April, according to Reuters.