Oil steadied after a two-day decline, as the Energy Information Administration confirmed the biggest increase in US stockpiles since July.

West Texas Intermediate traded under $60, after losing 2.4% over the prior two sessions, while Brent settled below $64 on Wednesday. The EIA report showed crude inventories rose 5.2 million barrels in the week ending Oct. 31. That was slightly lower than a forecast by a closely followed industry group, and a drop in product inventories limited the bearish momentum.

The US benchmark has fallen about 17% this year as increased production from OPEC+ and non-member nations amplifies concerns about a global glut. The boss of commodities trader Mercuria said at the Adipec conference in Abu Dhabi on Wednesday that the oversupply is forming slowly, but is lik

See Full Page