London Brent crude was down 15 cents at $55,95.
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Oil Prices Stable on $55
Oil prices hovered near $55 on Wednesday, after jumping by 4,7%
Oil prices hovered near $55 on Wednesday, after jumping by 4,7% a day earlier on news that the United States will build its emergency oil reserves and as cold weather took hold of the world's top consumer.
US light crude for March delivery was down 19 cents at $54,85 a barrel by 0431 GMT.
The contract rallied $2,46 to $55,04 on Tuesday, the biggest daily gain since November 20, after US Energy Secretary Sam Bodman unveiled a new push in the spring to add 11-million barrels to the country's Strategic Petroleum Reserves (SPR) at a daily rate of around 100 000 barrels.
London Brent crude was down 15 cents at $55,95.
London Brent crude was down 15 cents at $55,95.
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