Oil Prices Stay Stable

Oil prices are rising during the Asian trade session. Yesterday, oil prices fell against the backdrop of mixed data on oil reserves in the US and reports of a drop in imports of Chinese oil to a year-low. However, the losses were partly offset by investor caution in connection with increased political tensions in the Middle East.

The US Energy Information Administration (EIA) reported that oil reserves increased by 2.237 million barrels to 457.143 million barrels. Analysts had expected stocks to drop by 1.56 million barrels.

Brent crude oil has not changed today, and is trading at $63.65 level. WTI crude oil also did not change, trading at $56.70 in early trading in Asia.