London — Oil prices steadied on Thursday as record crude and gasoline inventories in the US dragged on prices, though oil cartel Opec supply cuts helped support the market. Brent crude was up 15c at $55.90 a barrel by 09.20am GMT. US light crude gained 10c to $53.21. Opec and other exporters have agreed to cut output by almost 1.8-million barrels per day (bpd) during the first half of 2017, with industry data showing that most producers are sticking to the deal. Despite this, inventories remain bloated and supplies high, especially in the US. US crude and gasoline inventories soared to record highs last week as refineries cut output and gasoline demand softened, the Energy Information Administration said on Wednesday. Crude inventories rose 9.5-million barrels in the week to February 10, nearly three times more than analyst expectations, boosting commercial stocks to a record 518-million barrels. Gasoline stocks rose by 2.8-million barrels, compared with a forecast of a 752,000 barr...
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