Mubasher: Oil prices levelled up on Thursday amid escalating tensions over the death of Saudi journalist Jamal Khashoggi.

Prices are stabilising following a massive drop overnight on the back of a hike in the US crude stockpiles, Reuters reported.

The US crude stocks grew 6.5 million barrels last week for the fourth week in a row, according to the US Energy Information Administration said.

Inventories climbed despite the American crude output fell by 300,000 barrels per day (bpd) to 10.9 million bpd last week as offshore facilities were closed temporarily for Hurricane Michael.

By 5:52 am GMT, Brent Crude slipped 0.07% to $ 79.99 per barrel (pb), while WTI Crude Oil (Nymex) dipped 0.07% to $69.70pb.

US lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, suggesting sanctions could be possible.

The US lawmakers are expecting possible sanctions to be imposed on Saudi Arabia over the disappearance of the prominent Saudi critic and journalist. The kingdom denies any claims over involving in Khashoggi’s disappearance.

Comments by US President Donald Trump suggest that no action might be taken against the oil-rich kingdom.

Investors are concerned that Saudi Arabia would use oil to fight back against critics, but the GCC nation made it clear to the Organization of Petroleum Exporting Countries (OPEC) that it will not allow any shortage in the oil market, OPEC’s secretary-general said on Wednesday.