WASHINGTON (dpa-AFX) - Despite data showing a jump in U.S. crude inventory, oil prices climbed higher on Thursday as rising tensions in the Middle East raised the possibility of a near-term supply disruption.
West Texas Intermediate crude oil futures for April ended higher by $0.70 or 0.9% at $78.61 a barrel.
Brent crude futures settled at $83.67 a barrel, gaining $0.64 or 0.77%.
Data from Energy Information Administration (EIA) showed crude stockpiles in the U.S. rose by 3.5 million barrels in the week ended February 16th, compared with forecasts for a rise of 3.9 million barrels.
Gasoline stockpiles were down by 294,000 barrels last week, substantially down from an expected drop of 2.1 million barrels. Distillate stockpiles declined 4 million barrels in the week, more than twice the expected drop of 1.7 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 741,000 barrels last week to 29.5 million, the EIA data showed.
The Houthis have reportedly stepped up attacks in the Red Sea near Yemen, raising concerns about disruptions to crude supply. The rebel group leader said there will be an escalation in attacks on ships in the Red Sea and that they have introduced submarine weapons.
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