Oil Prices Into A Steady Trend

Oil prices are into a steady trend today, during the Asian trading hours despite reports that showed U.S. crude inventories rose more than expected last week.

Now, oil trades at $52.52, which is a very minor addition of $0.08 or 0.15% from the previous close of $ 52.44.

The daily range is from $52.40 to $52.91, while the trading volume is 72.263K. U.S. oil inventories surged to 3.1 million barrels last week, according to the Energy Information Administration (EIA).

This was greater more than the initial forecasts. Some predictions indicated in a rally of about 1.57 million barrels of crude for the week ended Sept. 27.

Moreover, the EIA announced that gasoline inventories for the week dropped by about 230,000 barrels, confounding forecasts for a build of about 450,000 barrels.

Oil prices initially slipped following the EIA report, but later reversed the falling mode.