Oil prices are mixed in today's trading. Yesterday prices were supported by comments of Ali al-Naimi, Saudi Arabia's oil minister. He stated that markets are calm now and demand is growing. Better-than expected data from China, the world's second-largest oil consumer also supported prices. Today WTI is still under pressure after yesterday's data on U.S. stockpiles. A report from the US Department of Energy showed that during the week February 14-20 oil reserves rose by 8.4 million barrels to 434.1 million barrels, almost double the expected increase of 4.7 million barrels. Now stocks are at historical highs from August 1982.
Brent Crude added 0.52%, currently trading at USD61.95 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate lost -1.02% currently quoted at USD50.47, still above USD50 a barrel.
Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news.