Investing.com - West Texas Intermediate oil futures trimmed gains on Thursday, after data showed that oil supplies in the U.S. rose more than expected last week, underlining concerns over weak demand.
Crude oil for delivery in October on the New York Mercantile Exchange tacked on 82 cents, or 1.88%, to trade at $44.97 a barrel during U.S. morning hours. Prices were at around $45.24 prior to the release of the inventory data.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.6 million barrels in the week ended September 4.
Market analysts' expected a crude-stock rise of 1.0 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 2.1 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 400,000 barrels last week, missing expectations for a decline of 897,000 and following a rise of 256,000 barrels in the preceding week.
Total U.S. crude oil inventories stood at 458.0 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years.
The report also showed that gasoline inventories increased by 0.4 million barrels, while distillate stockpiles rose by 1.0 million barrels.
The data came out one day later than usual due to Monday's Labor Day holiday in the U.S.
New York-traded oil slumped to a daily low of $43.36 earlier Thursday, the weakest level since September 2. A day earlier, Nymex oil prices plunged $1.79, or 3.9%, as appetite for riskier assets weakened amid worries over sluggish global growth.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched up 47 cents, or 1.0%, to trade at $48.06 a barrel, bouncing back after falling to a daily low of $46.76, a level not seen since August 28.
On Wednesday, Brent futures lost $1.94, or 3.92%, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the OPEC last year not to cut production.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.09 a barrel, compared to $3.43 by close of trade on Wednesday.