Oil holds gains on China rebound, even as US crude stocks rise

bsSINGAPORE : Oil prices inched up in early Asian trade on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world's top oil importer, which offset worries about a rise in U.S. crude inventories.

Both contracts rose about 1 per cent in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound after the removal of strict COVID-19 curbs. U.S. crude inventories rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported.Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, with shipments rising to 5.6 million barrels per day last week, according to the EIA.

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