US oil pares gains after weekly fuel stockpiles jump

US oil pares gains after weekly fuel stockpiles jump

DUBAI: West Texas Intermediate (WTI) crude oil futures slipped on Wednesday, reversing course from early gains after a US official said the country was still considering tools to lower energy prices, and as government data pointed to weaker gasoline demand. Also pressuring oil prices, a new coronavirus variant triggered fresh travel restrictions that could dampen oil demand. Also, an OPEC+ document showed the group lifting its forecast for an oil surplus in the new year. WTI US crude futures were down 51 cents, or 0.76 percent, at $65.77 a barrel at 1:49 p.m. ET (1849 GMT). During the session, they were up as much as 4 percent. Global benchmark Brent crude was down 24 cents, or 0.36 percent, at $68.99 a barrel. US Deputy Energy Secretary David Turk said the Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. He added that the White House was still studying proposals from Democratic lawmakers to ban crude oil exports to keep US prices down. US gasoline stocks rose 4 million barrels last week to 215.4 million barrels, government data showed, far surpassing analysts’ expectations in a Reuters poll for 29,000-barrel