WASHINGTON (dpa-AFX) - Oil inched up on Thursday after falling more than 1 percent on Wednesday to settle at a two-week low on concerns of a possible global oil glut.
Benchmark Brent crude futures were up 1 percent at $64.11 a barrel as fears of oversupply eased and the dollar dipped from recent peaks. WTI crude futures climbed 1.2 percent to $60.30 a barrel.
Investors are buying the dips after recent sharp losses on concerns of weaker demand and expectations of a supply glut in the coming year.
The latest report from the U.S. Energy Information Administration revealed that U.S. crude stockpiles rose by 5.2 million barrels to 421.2 million barrels last week, compared with expectations of a 100,000-barrel decline.
The build was the largest since July, raising fears over excess supply. However, gasoline inventories tumbled by 4.7 million barrels last week and were about 5 percent below the five-year average for this time of year, indicating signs of strong U.S. demand for fuel.
Distillate fuel inventories, which include heating oil and diesel, edged down by 0.6 million barrels, the report revealed.
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