Investing.com - Oil prices rose on Thursday, but a sharp increase in oil inventories as well as rising U.S. production indicated that oil markets are likely to remain over-supplied for some time.
Brent crude, the international benchmark for oil prices, was trading at $55.51 per barrel at 08.00 ET, up 39 cents from the last close.
U.S. crude rose 40 cents to $52.74 a barrel.
U.S. crude inventories soared by 13.8 million barrels to 508.6 million barrels last week, the U.S. Energy Information Administration said on Wednesday.
An unexpected decrease in U.S. gasoline inventories helped push up oil prices.
The increase in oil inventories will undermine efforts by the Organization of the Petroleum Exporting Countries and other producers, including Russia to cut output in a bid to shore up the market.