Oil stable; Brent trades above $85

Oil drilling rigs

Oil prices were unchanged in early session today, June 19, despite estimates indicating an unexpected increase in US crude inventories and escalating tensions in Europe and the Middle East.

Brent crude was trading at $85.36 per barrel, at 08:03 am Makkah time, after recording the highest settlement level since April 30.

West Texas Intermediate (WTI) crude was steady at $81.57 per barrel, after rising by more than one dollar in the previous session.

Estimates from the American Petroleum Institute showed that oil inventories in the US rose by 2.3 million barrels in the week ended June 14. The official data by the Energy Information Administration is scheduled for release today.

Trading volumes are likely to remain low today due to an official holiday in the US to mark the Juneteenth National Independence Day.