International benchmark Brent crude rose above $47 a barrel, while U.S. marker West Texas Intermediate topped $45 a barrel — the highest since November, the FT wrote.
Price gains were trimmed in afternoon trading following the release of data showing U.S. crude stockpiles continued to rise last week, scaling a fresh record as supply still outstrips demand.
Commercial crude oil inventories rose for a third consecutive week, up 2 million barrels to 540.6 million barrels, U.S. energy department data to April 22 showed. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.75 million.
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"The price rise is for the most part sentiment, and momentum-driven. Despite speculative overheating, any news that could suggest a higher price is viewed as a good reason to buy," said Carsten Fritsch, analyst at Commerzbank.