Oil prices higher in Asian trade

01:28 PM | 12 Mar, 2015
Oil prices higher in Asian trade
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SINGAPORE (APP) - Oil prices inched higher in Asia Thursday but gains were capped as dealers fretted over an oversupplied global market after US crude reserves once again swelled to a record high.

US benchmark West Texas Intermediate rose two cents to

$48.19 while Brent crude rose 25 cents to $57.79 in late-morning

trade.

The US Department of Energy said Wednesday crude oil

inventories surged by 4.5 million barrels in the week to March 6

to 448.9 million, the highest level since the beginning of the

weekly data series in 1982.