WASHINGTON (dpa-AFX) - Oil prices rose slightly on Thursday after sinking into a bear market in the previous session on fears of a global economic slowdown.
Benchmark Brent crude for August settlement rose 0.6 percent to $60.99 a barrel, after falling 2.2 percent on Wednesday.
West Texas Intermediate futures for July delivery were up 0.15 percent at $51.76 a barrel, after tumbling 3.4 percent on Thursday amid ballooning U.S. crude inventories and signs that demand is faltering.
According to the data released by the Energy Information Administration (EIA) on Wednesday, U.S. crude inventories rose by nearly 6.8 million barrels in the week to May 31. That compared with analyst expectations for a 900,000 barrel decline.
Stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, the EIA said. The report also showed a 208,000 barrels increase in gasoline supply last week while distillate stockpiles declined by 1.08 million barrels.
Oil prices have fallen around 22 percent since late April amid heightened tensions between the U.S. and China over trade and technology.
The surprise threat by U.S. President Donald Trump to levy increasingly high tariffs on Mexico has caused a sharp deterioration in the demand outlook.
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