Oil was trying to hold its line in early trade today after an overnight selloff, as traders come to grips with weak need along with a possible delay to more supply going into the market next month. Brent unrefined futures for November increased 9 cents, or 0.12%, to $72.79 after dropping 1.42% in the previous session. US West Texas Intermediate unrefined futures for October were up 12 cents, or 0.17%, to $69.32 after dropping 1.62% yesterday (Wednesday). Meanwhile, US crude oil and fuel stocks fell last week, according to market sources mentioning American Petroleum Institute (API) figures on Wednesday. The API figures showed unrefined stocks fell by 7.431 million barrels in the week ended 30 August 2024, the sources said. The market awaits weekly US oil stocks data from the Energy Information Administration (EIA), due to be released later today. Source: Oman News Agency
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