Mfarhanonline Business News 
SINGAPORE: U.S. oil prices steadied above $104 a barrel on Thursday as higher-than-expected U.S. crude stocks helped balance support from unrest in Libya and the Middle East.
FUNDAMENTALS
NYMEX crude for May delivery nudged up five cents to $104.32 a barrel by 0012 GMT, after falling 52 cents the previous session.
ICE Brent crude eased two cents to $115.11 a barrel.
U.S. crude inventories rose 2.95 million barrels last weekand Cushing oil stocks climbed to a record, but gasoline stocks fell sharply, the Energy Information Administration said.
President Barack Obama proposed to cut U.S. oil imports by a third over 10 years, a goal that eluded his predecessors and seen as extremely ambitious by analysts sceptical it can succeed.
As Libyan rebels fled in headlong retreat from the superior arms and tactics of Muammar Gaddafi”s troops, U.S. officials said President Obama had signed a secret order authorizing covert support for the rebels.
Libya”s government warned that it would sue any international company that concluded energy deals with rebels who control some of the country”s oil infrastructure, the state news agency reported.
Top world oil exporter Saudi Arabia and other Gulf countries have boosted output in March, helping to make up for supply lost due to violence in Libya. (Reuters)
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