Oil Stable as Traders Weigh Weak Demand

Oil was trying to hold its line in early trade on Thursday after an overnight selloff, as traders come to grips with weak need along with a possible delay to more supply going into the market next month. Brent unrefined futures for November increased 9 cents, or 0.12%, to $72.79 after dropping 1.42% in the previous session. US West Texas Intermediate unrefined futures for October were up 12 cents, or 0.17%, to $69.32 after dropping 1.62% on Wednesday. Meanwhile, US crude oil and fuel stocks fell last week, according to market sources mentioning American Petroleum Institute (API) figures on Wednesday. The API figures showed unrefined stocks fell by 7.431 million barrels in the week ended Aug. 30, the sources said. The market awaits weekly US oil stocks data from the Energy Information Administration (EIA), due to be released on Thursday. Source: Qatar News Agency