WASHINGTON (dpa-AFX) - Oil prices rose modestly on Thursday after falling sharply in the previous session as data showed an increase in U.S. crude stockpiles in the week ended November 5.
Brent crude futures for January delivery rose 31 cents, or 0.4 percent, to $82.95 per barrel, while West Texas Intermediate (WTI) futures were up 24 cents, or 0.3 percent, at $81.58.
Brent crude futures fell by 2.5 percent on Wednesday and WTI futures dropped 3.3 percent after data released by the U.S. Energy Information Administration (EIA) showed crude inventories in the country rose by 1 million barrels last week.
The sell-off also came amid concerns that rising U.S. inflation could prompt Washington to release more strategic crude stock piles to drive down prices.
U.S. President Joe Biden said he asked the National Economic Council to work to reduce energy costs and the Federal Trade Commission to push back on market manipulation in the energy sector to reverse inflation.
Analysts said some of the efforts to cut energy costs might include releasing more crude from the U.S. Strategic Petroleum Reserve (SPR).
Speculation is rife that the U.S. might coordinate releases of inventory with other nations, such as Japan.
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