SINGAPORE, Jan 29 (AFP): Oil prices edged higher Thursday but gains were capped amid fresh worries about the global supply glut as US crude reserves soared to a record high, analysts said.
US benchmark West Texas Intermediate (WTI) for March delivery rose one cent to $44.46 while Brent crude for March gained 17 cents to $48.64 in afternoon trade.
WTI dropped $1.78 in New York while Brent fell $1.13 in London after official data released Wednesday showed US crude stockpiles surged by 8.9 million barrels to 406.7 million in the week to January 23.
The overall level of stockpiles was the highest since the US government began keeping weekly records in 1982.
The stockpiles data "added to the pressure on benchmark prices", said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at consultancy firm EY.
Oil prices rise in Asia trade
FE Team | Published: January 30, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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