Oil slips
Oil steadied on Thursday, pressured by an unexpected increase in US crude inventories, high US production and exports, but was supported near multi-month highs by tighter crude markets.
Brent crude was unchanged at $58.44 a barrel by 1010 GMT. The global benchmark is not far below its 26-month high of $59.49 hit in late September.
US light crude was 10 cents higher at $52.28.
Markets have been supported by comments from Saudi Arabia's energy minister earlier this week reiterating the kingdom's determination to end a global supply glut that has weighed on prices for more than three years.
Crude oil for immediate lifting has moved to a premium over later futures prices, indicating that demand for oil is strong in many of the biggest consuming regions, including Europe.
Oil prices have been rising for weeks and some investors have begun to take profits, brokers say.
“The trend is up, but getting tired,” said Robin Bieber, technical chart analyst and a director of London brokerage PVM Oil Associates.
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