Oil prices recorded stability in early trading today, and maintained most of the gains achieved yesterday, after a sudden decline in US crude inventories.
Brent crude futures fell eight cents, or 0.1%, to $77.04 a barrel, while US West Texas Intermediate crude futures fell five cents, or 0.1%, to $72.48.
The two crudes rose a dollar a barrel in the previous session, while corn and soybean prices rose in the United States to their highest levels in several months, which led to expectations that their shortages around the world would reduce blending with biofuels and increase demand for oil.
US crude oil inventories fell by about 1.2 million barrels in the week ending June 16, which supported the market, and this came against analysts’ expectations for an increase of 300,000 barrels.
