Oil prices edged up on
Friday, supported by lower US crude inventories, but gains were capped by a
surge in US exports that dragged net imports in the world's biggest fuel
consumer to a record low.
US West Texas Intermediate (WTI) crude futures were at $62.89
a barrel at 0206 GMT, up 12 cents, or 0.2 per cent, from their last settlement.
Brent crude futures were up 5 cents, at $66.44 a barrel.
US crude oil stockpiles fell by 1.6 million barrels in the
week to February 16, to 420.48 million barrels, the Energy
Information
Administration (EIA) said on Thursday.
"Part of that (inventory fall) is the shape
of the oil curve which makes it uneconomic to store product," said Greg
McKenna, chief market strategist at futures brokerage AxiTrader.
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