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Oil prices steady after falling on signs U.S. may release more reserves (Reuters)
Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices. On Wednesday, Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world’s biggest oil consumer, rose after the government released some strategic reserves.
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