Brent falls towards $61 as US crude stocks weigh

crude-oil-pipeBrent crude fell towards $61 on Thursday, reversing previous gains as a bulging U.S. crude stockpiles offset glimpses of an oil demand recovery.

Both Brent and per cent crude recorded their largest percentage gains in nearly two weeks at Wednesday’s settlement, closing more than 30 percent higher than the trough of $46.59 a barrel on Jan 13.

Prices were boosted by improved views on global oil demand from the Saudi oil minister and better than expected Chinese data.

per cent crude stocks rose 8.4 million barrels last week to 434.1 million barrels, a seasonal record high for the seventh straight week, as refineries trimmed output, according to the Energy Information Administration (EIA).

Brent crude had declined 17 cents to $61.46 a barrel by 0212 GMT. per cent crude was down 31 cents at $50.68.

The Brent/WTI price difference widened to as much $11.01 a barrel during Thursday’s early trade, near a near 13-month wide of $11.03 but narrowed back to $10.79 a barrel by 0211 GMT.

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