By Henning Gloystein ( Reuters Singapore) @hgloystein
SINGAPORE (Reuters) – Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market
U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0101 GMT, up 13 cents, or 0.23 percent from their last settlement.
The slightly higher prices came after a much bigger sell-off in late U.S. trading.
“WTI prices cratered (on Wednesday) despite a drop in weekly crude inventories. Indeed, traders were more concerned about the steep rise in gasoline inventories,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.
Gasoline stocks USOILG=ECI rose 6.8 million barrels, to 220.
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