Crude prices inched higher in early dealings on Thursday, but held near the prior session's three-week lows amid concerns over rising production in the U.S.
U.S. West Texas Intermediate (WTI) crude futures tacked on 17 cents, or about 0.3%, to $56.13 a barrel by 3:50AM ET (0850GMT), after plunging 2.9% a day earlier, its biggest daily decline in more than two months. Prices touched an intraday low of $55.82, their worst level since Nov. 20.
Brent crude futures, the benchmark for oil prices outside the U.S., were at $61.50 a barrel, up 28 cents, or around 0.5%, from their last close. The contract suffered a drop of 2.6% in the prior session after hitting its lowest since Nov. 17.
Oil prices sank on Wednesday after data from the U.S. Energy Information Administration showed a big jump in U.S. fuel inventories while domestic production hit another weekly record.
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