Economic news

Oil prices rise after one-month low

Crude futures rose in early Asian trading on Thursday after a huge loss in the previous session after official data release showed that U.S. crude inventories increased for the first time in 10 weeks, once again prompting concerns about oversupply in the markets.

U.S. crude futures rose 26 cents, or 0.6%, at $45.98 per barrel. On Wednesday, they closed lower by 5.1%, or $2.47 per barrel, at their lowest level since May 4.

Brent crude prices rose 34 cents, or 0.7%, to $48.40 per barrel, after falling 4.1% in the previous session and to the lowest level since May 4.

In the U.S., stocks of crude oil and gasoline rose unexpectedly last week, while refinery runs have declined and exports fell, official data showed on Wednesday.

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