Oil held steady above $79 a barrel on Wednesday, after rising nearly 2 percent a day ago, following an industry report showing a rise in fuel inventories in the United States, though crude fell unexpectedly. Initial losses were kept in check as gold held near record highs and traders awaited separate US government oil inventory data, as well as a Federal Reserve statement on interest rates and the economy.
All due out later on Wednesday, before making further moves. US crude for December rose 4 cents to $79.64 a barrel by 0723 GMT, after settling up $1.47 on Tuesday. London Brent crude shed 1 cent to $78.10 a barrel. Analysts also said there might be some traders in long positions booking some profit ahead of the issue of US stockpile data from the Energy Information Administration (EIA).
Industry group American Petroleum Institute said late on Tuesday that US gasoline stocks rose by 501,000 barrels last week against forecasts for a 300,000-barrel increase, while distillate supplies increased by 1.8 million barrels versus predictions for a 1 million-barrel decline.
The API said commercial crude oil stocks fell 3.3 million barrels as imports dropped in the week to October 30, versus expectations for a 1.4 million-barrel rise. Gold stayed near a record high above $1,080 per ounce hit the previous day, defying dollar strength, when the International Monetary Fund's 200-tonne sale of gold to India's central bank enhanced sentiment toward the metal.
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