Oil prices remains unchanged due to a higher than expected inventory of crude stocks.
Brent crude for August delivery increased 2 cents at $63.51 a barrel, while the US crude for delivery in August declined 14 cents at $60.13 a barrel, Reuters reported.
The US Department of Energy’s Energy Information Administration (EIA) revealed that gasoline inventories in the country increased 680,000 barrels to 218.49 million in the week to 19 June maintaining oil prices steady.
This contrary to a poll by the news agency that had indicated a decline of 304,000 a barrel.
There was an increase in stocks despite demand for US gasoline reached its peak in the week up to 19 June, which is highest since 1991.
EIA’s report further revealed that the US average retail price of regular gasoline declined two cents from last week to $2.81 per gallon as of 22 June 2015.
During the week, US crude inventories dipped by 4.9 million barrels to 462.99 million as against analyst expectations of a 2.1 million barrel draw.
CMC Markets chief market strategist Mike McCarthy said that last night’s numbers disappointed the market.
On Thursday, Swiss company UBS raised its average brent crude price forecast for 2015 to $61.50 per barrel from the previous $56.25 per barrel.
For the year 2016, brent is forecast at $70 per barrel, while for US crude it would be $67.50 per barrel.