Brent steadies despite US inventory surge

Brent steadied today with US West Texas heading for gains despite data of a US spike in inventories. 

However, the market is reacting to the developments in Venezuela, the member in OPEC, after the opposition leader announced himself the new president after disputed elections, and was recognized by US President Donald Trump.  

Current Venezuelan President Nicholas Maduro responded by expelling the US diplomatic mission and severing connections to Washington. 

Otherwise, the Energy Information Administration reported a surge of eight million barrels in US crude stocks last week, while analysts expected a drawdown of 600 thousand barrels. 

As of 16:39 GMT, Brent settled at $61.12 a barrel, with a session-high at $61.3, and a low at $60.4. 

US West Texas rose 0.8% to $53.06 a barrel, with an intraday high at $53.2, and a low at $52.07.