Oil prices edged higher during Thursday's Asian trade after falling to two-week lows in the previous session, as markets remained pressured by weak demand and a persistent global supply glut.
By 3:45 pm AEDT (4:45 am GMT), Brent crude futures were up 20 cents, or 0.3%, at $63.72 per barrel, while U.S. West Texas Intermediate futures added 20 cents, or 0.4%, to $59.82.
Prices had slipped on Wednesday after data from the U.S. Energy Information Administration showed crude inventories rose by 5.2 million barrels to 421.2 million barrels last week, far exceeding expectations for a smaller 600,000-barrel increase.
ANZ analysts noted: "The build was driven by a pick-up in imports, particularly from the Middle East. Crude oil production also edged higher, hitting 13.65mb/d, despite six more oil rigs going out of operation.
"However, a plunge in gasoline inventories helped limit the losses. The fall of nearly 5mbbl pushed stockpiles to their lowest level in three years. This came even as exports were relatively unchanged. Broader market sentiment continues to be framed by expectations of a glut of oil forming."
Global oil prices fell for a third consecutive month in October amid fears of oversupply, as the Organization of the Petroleum Exporting Countries and its allies increased output while production from non-OPEC producers also continued to climb.
