Crude futures were relatively flat on Thursday, one session after plunging more than 4%, as investors continued to digest a massive inventory build last week in domestic energy markets in the U.S.
On the New York Mercantile Exchange, WTI crude for May delivery traded in a broad range between $38.34 and $39.77 a barrel, before settling at $39.48 down 0.37 or 0.78% on the session. The front month contract for U.S. crude closed below $40 a barrel for the second consecutive session. WTI crude has rallied more than 35% from its level on February 11 when it hit 13-year lows at $26.05 a barrel. On the Intercontinental Exchange (ICE), brent crude for May delivery wavered between $39.21 and $40.63 a barrel, before closing at 40.40, down 0.07 or 0.17% on the trading day. North Sea brent futures have fallen slightly since reaching 2016 yearly highs last week when they surged above $42.50. Since briefly dipping below $30 in mid-February, brent crude has rebounded by more than 15%.
Meanwhile, the spread between the international and domestic benchmark of crude stood at $1.02, above Wednesday's level of 0.74 at the close of trading.
Investors continued to react to a sizable U.S. supply build from last week when crude stockpiles nationwide surged by 9.4 million barrels from the previous week, the second-highest weekly inventory build on the year. At 532.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.
The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, jumped more than 0.30% to an intraday high of 96.39, before falling back to 96.17 in U.S. afternoon trading. The index is on pace for a five-day winning streak, one of its highest in a year.
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