Oil prices swung between gains and losses on Thursday despite the drop in US crude stockpiles, and signs that Iran is joining OPEC members in refusing to give up market share.
Iran’s decision could spark a competition for market shares during this period, which will negatively influence oil market in light of the continued weak demand.
Crude stockpiles in the U.S., the world’s largest oil consumer, fell by 0.8 million barrels last week, compared to the expectations of a 2.2 million barrel decline.
Crude-producing countries within the Organization of the Petroleum Exporting Countries (OPEC) and producers abroad will focus primarily on market shares in the coming period, without regards to control global oil market.
Crude oil futures for February delivery steadied around $56.75 a barrel at 08:05 GMT.