News Snapshot:
Oil prices edged lower on Thursday after a large build in U.S. crude inventories but continued to trade in a narrow range as hopes for a Chinese demand recovery remained in focus. Brent crude futures fell 36 cents, or 0.42 per cent, to $85.02 a barrel by 1042 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.37 per cent, at $78.30. Prices were pressured by last week’s larger than expected build in U.S. crude oil stocks. Stocks rose to the highest level since June 2021, the Energy Information Administration (EIA) said on Wednesday. The build...
