Brent drops toward $61 as U.S. crude stocks rise

http://ift.tt/eA8V8J Brent crude fell toward $61 per barrel on Thursday, after a sharp rally in the previous session, as bulging U.S. crude stockpiles offset indications of a recovery in demand. Oil prices on both sides of the Atlantic recorded their largest percentage gains in nearly two weeks at Wednesday's settlement, boosted by improved views on global oil demand from the Saudi oil minister and better-than-expected China data. "The previous gains reflected the fact that the market is looking forward to more production cuts coming with declines in rig counts," said Ric Spooner, chief analyst at CMC Markets in Sydney, referring to recent data showing a slide in U.S. oil drilling amid beaten-down crude prices. Brent crude (LCOc1) had dropped 31 cents to $61.32 a barrel by 0544 GMT (12.44 a.m. EST), after jumping more than 5 percent on Wednesday.



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