Oil prices climb in Asia markets amid surge in US inventories
Oil prices have climbed in Asia markets amid the news of a surge in US stockpiles as well as a deal to end a large strike at US refineries.
On Friday, US benchmark West Texas Intermediate (WTI) was up 13 cents to USD 47.18 while Brent crude rose 16 cents to USD 57.24 in afternoon trade.
The WTI had dropped USD 1.12 in New York and Brent fell down 46 cents in London on Thursday after a US government report showed a fresh leap in US inventories.
The rebound in oil prices was also affected by the news of a deal to end a strike in US refineries.
The United Steelworkers union, representing 30,000 oil workers and the refineries, reached a tentative deal on Thursday to end the largest US refinery strike in 35 years.
The four-year agreement was reached between the union and Royal Dutch Shell, the company representing refinery operators, on salaries, safety and other issues.
Oil prices have plunged about 60 percent since June last year on global oversupply as well as slowing economic growth.
Prices have rebounded recently following a slowdown in US oil drilling activities.
US oil companies have cut drilling activity in response to low prices. Major US energy corporations have said that they will cut capital budgets in 2015 considering the lower oil prices.
Analysts, however, estimate that the prices are unlikely to return to their peaks.
AR/NN/HMV
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