Oil edges up as market shrugs off U.S. inventory surge

Oil prices angled upward in early Asian trade on Thursday as the market shrugged off a giant U.S. crude inventory build and the International Energy Agency boosted its demand outlook.

Brent crude futures LCOc1 rose 26 cents to $85.64 per barrel by 0131 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 34 cents to $78.93.

U.S. crude oil stocks soared last week by 16.3 million barrels to 471.4 million barrels, the highest level since June 2021, the Energy Information Administration (EIA) said. The larger-than-expected build was largely due a data adjustment, which analysts said muted the impact to oil prices.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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