Oil extended gains after jumping the most since December as American crude stockpiles rose less than the market had expected.
Futures increased as much as 0.5 percent in New York after a government report showed nationwide inventories increased by 1.84 million barrels last week. That compares with the 3.1-million-barrel gain forecast in a Bloomberg survey. OPEC and Russia will soon discuss a new way to measure oil stockpiles as they meet to review their supply-cut agreement in April.
West Texas Intermediate for March delivery was up 39 cents to $60.99 a barrel at 9:16 a.m. in Singapore after rising 2.4 percent on the New York Mercantile Exchange on Wednesday. Total volume traded was about 36percent below the100-day average.
Brent for April settlement rose 29 cents to $64.65 on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.76 premium to April WTI.
Source : Bloomberg