London — Oil prices were broadly stable on Wednesday, recouping earlier losses after rising US crude stockpile data and an increase in coronavirus infections in the US cast doubts over a swift pickup in oil demand.
Both benchmarks are set for a fourth session of daily percentage changes of less than 1% in either direction. US crude oil stockpiles rose last week, though petrol and distillate inventories fell more than expected, data from industry group the American Petroleum Institute showed. The US Energy Information Administration said on Tuesday that US crude oil production is expected to fall by 600,000 barrels per day in 2020, a smaller decline than the 670,000 bpd it forecast previously. EIA crude stock data is due later in the day.
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