Oil rises off one-month lows struck after surprise stock build

TOKYO: Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that US inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut.
US crude futures were up 26 cents, or 0.6 per cent, at $45.98 a barrel at 06:51 GMT.
On Wednesday, they closed down 5.1 per cent, or $2.47 a barrel, at their lowest settlement since May 4.
Brent crude prices rose 34 cents, or 0.7 per cent, to $48.40 a barrel, after falling 4.1 per cent in the previous session, also to the lowest since May 4.
“We are at this stage holding the line nervously near the low levels” of Wednesday’s session, said Ben Le Brun, market analyst at OptionsXpress in Sydney.
“The situation is complicated by the fact that we have got all these major political-economic watch events on the horizon,” he added, referring former United States Federal Bureau of Investigation Director James Comey’s congressional appearance, the European Central Bank’s policy meeting and the UK general election, all later on Thursday.
Many investors are wary ahead of Comey’s Senate appearance later in the day for any hints that US President Donald Trump may have been engaged in obstruction of justice — an offence that could lead to impeachment hearings. — Reuters