Oil prices trim gains after big build in U.S. stocks | Reuters

Oil prices trim gains after big build in U.S. stocks | Reuters

Oil prices rose on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.

The market trimmed gains after U.S. crude inventories rose more than anticipated as refiners cut production in a generally slower period for those facilities.

Brent crude futures gained 42 cents, or 0.5%, to $83.60 a barrel by 11:26 a.m. EDT (1526 GMT) after hitting a session high of $84.50 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents to $80.65.

U.S. crude stocks rose by a surprising 6 million barrels, much higher than the modest 702,000-barrel increase analysts had expected. Production edged higher, reaching 11.4 million bpd.