Oil Retreated Gains on Stockpile Increase

U.S. crude oil rally retreated on Thursday after stockpiles rose more than expected and resumption of stalled nuclear talks with Iran which could add to global supply of oil.

The U.S. Energy Information Administration on Wednesday announced crude inventories rose by 3.3 million barrels in the week ending on October 29 to 434.1 million barrels.

Release of 1.7 million barrels from the strategic reserves partly contributed to the increase in commercial inventories.

However, inventories of gasoline fell by 1.5 million barrels in the week.

U.S. West Texas Intermediate crude inched down to $79.98 a barrel earlier on Thursday, now trading at $80.05 down by 0.81%. Brent Oil also saw a downward trend slipping down to $80.05 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC), together with Russia collectively know as OPEC+ are to meet on Friday and expected to maintain current supply levels.

Note: Price quotations are as of Thailand time 13:00 hours.