Brent stable above $85 a barrel ahead of U.S. inventory data

U.S. West Texas Intermediate futures for July, which expire on Thursday, gained three cents to $81.60

Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited U.S. inventory data.U.S. West Texas Intermediate futures for July, which expire on Thursday, gained 3 cents, or 0.04 per cent, to $81.60.

Brent crude futures had edged higher in early trade on Thursday as the market digested news of Israeli tanks advancing into Gaza, raising concern over oil supplies from the region. An industry report released on Tuesday showed that U.S. crude stocks rose by 2.264 million barrels in the week ended June 14 while gasoline inventories fell, market sources said, citing American Petroleum Institute figures.

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