Oil prices steadied on Thursday, June 5, 2025, after falling more than 1% the previous day because of a build in United States gasoline and diesel inventories.
Brent crude futures were up 15 cents, or 0.2%, at $65.01 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude gained 11 cents, or 0.2%, to $62.96 a barrel.
Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world’s largest economy.
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Adding to the weakness, Saudi Arabia, the world’s biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in two months.
“While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period,” Reuters quoted ANZ analysts as saying.
The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July.
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