SINGAPORE: Oil prices rose more than 1 per cent on Thursday, recouping losses from the previous day on a smaller-than-expected rise in crude oil inventories in the United States, although the gains were capped by uncertainties over cuts by major oil producers.
Brent crude rose by 78 cents, or 1.5 per cent, to $51.91 per barrel by 0202 GMT, while US West Texas Intermediate (WTI) was up by 69 cents, or 1.5 per cent, at $47.47 per barrel.
Volumes were low, however, reflecting that “there is not a lot of confidence in the moves,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.
