WASHINGTON (dpa-AFX) - Oil prices struggled for direction on Thursday after reaching a seven-week high on Wednesday, driven by optimism about summer demand and concerns over escalating conflicts in Europe and the Middle East.
Benchmark Brent crude futures edged up 0.2 percent to $85.21 a barrel while WTI crude futures were marginally lower at $80.69 due to lack of new catalysts after a holiday in the U.S.
After American Petroleum Institute data indicated an unexpected rise in U.S. crude inventories, investors now await the release of weekly inventory data from the U.S. Energy Information Administration (EIA) for further direction. The EIA report may show another rise in nationwide crude inventories.
Meanwhile, Nigeria's biggest indigenous hydrocarbons producers, Aiteo Eastern Exploration and Production Company (AEEPCO), has announced the shutdown of its oilfield in the Niger Delta as a precautionary measure after an oil spill was detected earlier this week.
The cause of the spill is currently undetermined and the field's operator said it is proactively engaging with stakeholders to mitigate the immediate effects.
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