Oil prices continued to rise in early Asian trade on Thursday after surging more than 3 per cent in the previous session, driven by record US crude exports and a weaker US dollar.
Brent crude futures rose 25 cents, or 0.3 per cent, to $95.94 a barrel by 0015 GMT. US West Texas Intermediate (WTI) crude rose 19 cents, or 0.2 per cent, to $88.10.
US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever.
Traders attributed the surge in exports to the widened WTI-Brent spread, which, coming into Wednesday’s trade, was at more than $8 per barrel.
