Crude oil prices were steady in early Asian trading on Thursday following a rally in the previous two days. Dropping fuel and distillate stockpiles in the US, along with a broader market rally, were underpinning prices. Brent for September settled at $72.23 per barrel on the ICE Futures Europe exchange at 8:04 AM GMT+8, while September WTI prices were at $70.28 per barrel on the New York Mercantile Exchange.
Crude oil prices have been volatile this week, slumping on Monday on pandemic worries and OPEC+ plan to increase production, then surging about 4% on Wednesday after the Energy Information Administration reported that oil stocks in Cushing, Oklahoma, dropped to their lowest since January 2020. Nevertheless, the pandemic still posed a risk on demand, with Indonesia, Asia’s largest gasoline importer, emerging as the new COVID-19 epicentre.
