Brent Near $80 as US Output Hits Record

Oil storage containers are seen in Los Angeles, Calif., on April 7, 2021. Lucy Nicholson/Reuters

LONDON—Oil prices steadied on Thursday, with Brent trading near $80 a barrel as higher inventories and record output in the United States overshadowed jitters over global trade disruptions in the Red Sea.

Brent crude futures rose 13 cents, or 0.1 percent, to $79.80 a barrel by 0914 GMT, while U.S. West Texas Intermediate crude was 4 cents higher at $74.26.