Oil prices rise, but oversupply worries persist

Oil prices rise, but oversupply worries persist

Oil prices jumped as much as 3% today, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure.

Brent crude was up $1.18 (2.26%) at $53.34 a barrel at 0219 GMT, having earlier risen as much as 3.1%. It dropped $2.31 (4.24%), the day before to settle at $52.16 per barrel.

WTI crude futures were at $45.62 a barrel, up $1.01 (2.26%), after earlier rising 3.6%. They ended Thursday down 3.48%, or $1.61, at $44.61 a barrel, Reuters reported.

U.S. crude inventories for the week to December 21 rose by 6.9 million barrels to 448.2 million barrels on increased refinery output, according to data released yesterday by industry group the American Petroleum Institute. The U.S. Energy Information Agency (EIA) releases its official report on Friday.

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