Oil trades flat in Asia, US inventories clock record highs

Oil prices are trading flat in Asia following sharp losses in the NY session after the weekly data in the US showed inventories of crude oil and petroleum products at record highs.

At the time of writing, Brent futures were trading around $49.00/barrel. WTI futures were flat around 46.77/barrel.

The recent rally in Brent oil topped our around $50.00 as focus shifted back to oversupply concerns. Prices took a hit in the American session on Wednesday after the EIA data showed stockpiles of crude oil and gasoline increased by 6.6 million barrels in the week ended Aug. 19 to a record 1.4 billion barrel.

The EIA report also showed an increase in the stockpiles of distillate fuels including diesel, propane and ethanol.