28.06.201703:12:00UTC+00Oil Prices Edge Down as U.S. Stockpile Gains Renew Oversupply Concerns

Oil markets were stable to lower after a reported build in U.S. fuel and crude stockpiles underscored worries that a three-year supply glut is far from being resolved.

Brent crude futures traded at $46.67 per barrel, bordering their last settlement. Meanwhile, U.S. WTI crude futures traded down 8 cents or 0.2 percent at $44.16 per barrel.

Oil has managed to regain footing in the last week after sliding over 20 percent since mid-May, but a report by API showed that U.S. crude stockpiles increased by 851, 000 barrels in the latest week to 509.5 million, against the expected 2.6 million barrels decline.

Gasoline stocks climbed 1.4 million barrels even though the start of the peak U.S. summer driving season started a few weeks before.