Oil edges higher, even as U.S. inventory rise revives glut worries - Reuters

Oil edges higher, even as U.S. inventory rise revives glut worries - Reuters:

Oil rebounded from earlier losses on Wednesday, even as U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand.

Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a U.S. Energy Information Administration report.

Product demand rose, however, though it remains far below levels at this time last year. Distillate inventories were higher, but the increase was smaller than in prior weeks.

“We are seeing support in the market coming from products and not crude,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Brent crude settled up 55 cents to $41.73 a barrel. U.S. West Texas Intermediate (WTI) rose 66 cents to $39.60 after falling more than 2% in the session.