Oil Prices Steady as US Crude Stocks Fall for Third Week
Oil prices stabilized as a Middle East ceasefire held and U.S. crude stocks fell. API data showed inventories dropped 8.1 million barrels in the week to May 1.
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West Texas Oil rose 15 cents to $102.42 per barrel during the early morning of May 6. The 0.15% gain follows a volatile session where Brent Crude Oil fell 4% to $109.87. Investors are balancing a shaky Middle East ceasefire against an 8.1 million barrel drop in United States crude inventories.
