Oil Prices Edge Up

New York, Oil prices rose slightly as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped 4% after a surprise decline in inventories of the fuel.

U.S. crude stocks rose by 13.8 million barrels in the week to Feb. 3 as refineries cut output, while gasoline stocks decreased, the Energy Information Administration said.

The surge in crude stocks did not shock the market, since preliminary data from the American Petroleum Institute (API) showed an even bigger increase.

Brent crude futures settled at $55.12 per barrel, up 7 cents or 0.13 per cent.

U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.33 per cent, to settle at $52.34 a barrel.

Source: Qatar News Agency