SINGAPORE: US crude futures held steady near $102 a barrel in early Asian trade on Wednesday after steep losses in the previous session on expectations oil inventories in the world's top consumer rose at a much slower pace than expected.
US crude gained 5 cents to $101.80 a barrel by 0020 GMT, after settling more than 2 percent lower in its steepest decline in nearly four months. Brent futures rose 11 cents to $109.38, after ending 68 cents down, in part aided by worries over Ukraine.
FUNDAMENTALS
US crude and distillate stocks rose last week, while gasoline inventories fell, data from industry group the American Petroleum Institute showed. Crude inventories rose by 519,000 barrels to 388.7 million, compared with analysts' expectations for a increase of 2.3 million barrels.
Ukraine's acting president Oleksander Turchinov called on Tuesday for government forces to relaunch an offensive against pro-Russian rebels after a local politician from his own party was found dead with signs of torture.
Libya's oil production is currently around 220,000 barrels a day as several western oilfields remain closed due to protests, a spokesman for state-run National Oil Corp (NOC) said. The El Sharara, El Feel fields and oil condensates production at the Wafa field were still shut down.
US home resales fell to their lowest level in more than 1-1/2 years in March, but there were signs a recent downward trend that has plagued the housing market may be drawing to an end.
A run-up in prices, which has reduced affordability, is also starting to moderate.
Far from giving up on the Keystone XL pipeline to the United States, Finance Minister Joe Oliver said on Tuesday that Canada would keep the issue alive with the Obama administration despite a further delay of the US decision on whether to approve it.
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