2020.01.0909:40:00UTC+00Oil Prices Hold Steady After Plunge

Oil prices held steady on Thursday after falling sharply in the previous session as U.S. President Donald Trump downplayed the impact of Iran's attacks on American military bases in Iraq and data showed a surprise build in U.S. crude stockpiles.

Brent crude futures edged down marginally to $65.42 a barrel, after having tumbled 4.1 percent in the previous session. U.S. crude futures were up 0.1 percent at $59.64 after falling nearly 5 percent the previous day.

As Mideast tensions ease, crude oil prices have returned to the levels seen before the killing of Iranian commander Qassem Soleimani by the U.S. last week.

Trump said Wednesday there were no casualties from Iran's Wednesday attack on U.S. forces in Iraq, and indicated the U.S. would hit Iran with new sanctions, but not respond militarily. Tehran said the strikes "concluded" its response to the Soleimani killing.

U.S. Ambassador Kelly Craft told the UN that America stands "ready to engage without preconditions in serious negotiations with Iran, with the goal of preventing further endangerment of international peace and security or escalation by the Iranian regime".

Iran's UN Ambassador Majid Takht Ravanchi wrote that Tehran "does not seek escalation or war" after exercising its right to self-defense by taking a "measured and proportionate military response targeting an American air base in Iraq".

Meanwhile, according to the data released by the Energy Information Administration (EIA) on Wednesday, crude oil stockpiles rose 1.2 million barrels in the week ended Jan. 3, as against expectations for a decline of 3.6 million barrels.

Gasoline inventories soared by 9.1 million barrels, almost thrice the expected increase. Meanwhile, distillate stockpiles were up 5.3 million barrels in the week, significantly higher than an expected build of about 3.9 million barrels.