Oil holds around $70; U.S. fuel supplies in focus

Oil steadied near $70 a barrel on Thursday after spiking more than $1 the previous day when a U.S. government report showed gasoline and heating oil stocks were well below normal in the world’s top consumer.

London Brent crude, currently seen as the best indicator of the global market, was up 18 at $70.12 by 0930 GMT. U.S. crude was up nine cents at $66.35.

U.S. heating oil led the gains after a steep fall in supplies over the week left stocks well below year ago levels. Gasoline stocks, keenly watched because of peak summer, were flat. Analysts had expected a sixth consecutive build.

Reuters