US crude prices gave up some earlier gains this evening as official data showed increases in oil inventories in the United States. Brent continued to trade over $100 in London, supported by unrest in Egypt.
US crude was up 23 cents at $87.17 a barrel. North Sea Brent was up 97 cents at $100.89.
The US government Energy Information Administration (EIA) showed domestic crude stocks rose 1.9 million barrels in the week to February 4, an increase smaller than an analyst forecast of 2.4 million barrels.
Petrol stockpiles increased by 4.66 million barrels compared with forecasts for a 2.5 million barrel gain, while distillates rose 288,000 barrels despite the cold weather, compared with expectations for a 1.2 million barrel drawdown. Distillates includes heating oil and diesel. A rise in stockpiles is usually seen as a sign of weaker demand for energy.
Brent crude's premium to US crude touched a record high of $13.78 a barrel earlier, due to concern about Egypt, as any disruption to the Suez Canal would have more impact in Europe than the US.
