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Oil off lows but near two-month lows

FXStreet (Mumbai) - Oil prices in the US recovered from the two-month low hit in Asia, but the gains remain muted on account of a rise in the US stockpiles.

WTI oil futures currently trade around USD 41.66/barrel. The prices hit a more than two-month low of USD 41.39/barrel. The recovery from the lows appears to be driven by technical factors. Moreover, the oil market remains oversupplied, which is capping gains.

The data released by the Energy Information Administration (EIA) on Thursday showed oil inventories rose by 352,000 barrels last week, versus expectations for a 931,000 barrel drop.

Across the pond, Brent futures have turned positive to trade 26 cents higher around USD 45.45/barrel.

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