By Abhishek Subrahmanya: Subscribe to Abhishek's RSS feed
July 29, 2010 8:18 AM EDT
Oil was steady around $77 a barrel on Thursday, after the two sessions of downturn on surprise rise in inventories.
US crude inventories were at their highest levels since Aug 2006, which is also represents biggest weekly rise in US crude inventories for nearly two years, according Energy Information Administration (EIA).
EIA said commercial crude oil stocks rose 7.31 million barrels last week against expectations for a decline of 1.6 million barrels.
The Fed's Beige Book, which contains anecdotal observations about the economy, was less upbeat than investors would have preferred. It showed only modest recovery overall, with two regions reporting slowing economic activities.
Durable goods orders fell 1 percent in June while economists expected a gain. Core durable orders, excluding transportation, decreased 0.6 percent in June compared to 1.6 percent increase in May. But non-defense capital goods excluding aircraft rose 0.6 percent after rising 4.6 percent in May.
Most Asian stocks retreated Thursday after downbeat economic signs from the United States sent investors for the exits.
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