Oil prices rise on smaller rise in U.S. stockpiles

Oil prices rose on Thursday after data showed the rise in U.S. crude stockpiles was smaller than expected.

U.S. crude oil inventories rose 0.6 million barrels in the February 17 week to 518.7 million, up 8.9 percent from last year at this time, the U.S. Energy Information Administration said on Thursday.

It was the seventh consecutive rise but the rise was smaller than what the analysts previously expected.

The West Texas Intermediate for April Delivery added 0.86 dollars to settle at 54.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 0.74 dollars to close at 56.58 dollars a barrel on the London ICE Futures Exchange. Enditem