Oil prices steady after U.S. stockpile build, Saudi Arabia price cuts for Asia

Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. Saudi Arabia cut its July prices for Asian crude buyers to nearly the lowest in two months.

Oil prices steadied on Thursday after falling more than 1 per cent the previous day because of a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia’s July prices for Asia.

Brent crude futures were up 21 U.S. cents, or 0.3 per cent, at US$65.07 a barrel by 6 a.m. ET. U.S. West Texas Intermediate crude gained 17 U.S. cents, or 0.3 per cent, to US$63.02 a barrel.

Oil prices closed around 1 per cent lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weake

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