WASHINGTON (dpa-AFX) - Oil prices edged up slightly on Thursday after tumbling from near six-month highs in the past week on uncertainty over U.S. President Donald Trump's tariff plans and concerns about market oversupply.
Benchmark Brent crude futures edged up by 0.1 percent to $79.11 a barrel in European trade, while WTI crude futures were up 0.2 percent at $75.55.
The dollar faced downward pressure as investors awaited more clarity on U.S. President Donald Trump's policy plans and looked ahead to a spate of central bank decisions due over the next week.
Traders braced for higher U.S. production after Trump brought back the rallying cry, 'Drill, baby, drill,' a phrase emblematic of his commitment to expanding domestic oil and gas production.
The slogan underscores Trump's vision of strengthening U.S. energy independence and driving down costs for consumers.
Meanwhile, data from the American Petroleum Institute, released on Wednesday, showed that U.S. inventories increased by 1 million barrels in the week to Jan, 17, after five straight weeks of draws.
Analysts had expected the industry body to report a draw of around 1.6 million barrels.
The official inventory numbers from the Energy Information Administration are due later in the session.
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