TOKYO (Reuters) - Crude futures rose in Asian trade on Thursday
recouping some of the losses from the previous session, when they fell
sharply after the Federal Reserve raised rates and official figures
showed a surprise build in U.S. inventories.
West Texas Intermediate for January delivery ,
the front-month contract, rose 17 cents to $35.69 a barrel by 0100 GMT
after finishing settled down nearly 5 percent on Wednesday.
Brent crude for February delivery (LCOc1),
the front-month contract from Thursday was up 17 cents at $37.56. The
global benchmark fell $1.34 to $37.39 the previous session.
U.S. crude
stocks increased last week as imports into the Gulf Coast rose, data
from the Energy Information Administration (EIA) showed on Wednesday,
surprising analysts who expected inventories to decline.
The EIA
data showed crude inventories rose 4.8 million barrels last week to near
record highs, while analysts in a Reuters poll had forecast a drop of
1.4 million barrels.
Adding to the overall
bearish global picture, OPEC producers see scant chance of a significant
rise oil prices in 2016 as extra Iranian production could add to the
ongoing glut and the prospect of voluntary output restraint remains
remote.
The U.S. Fed hiked interest rates for the first time in
nearly a decade on Wednesday, a sign it believes that the U.S. economy
had largely overcome the calamity that was the 2007-2009 financial
crisis.
Higher U.S. rates typically support the dollar,
making oil and other commodities denominated in the greenback more
expensive, undermining demand.
