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.
