Crude oil trade remained stable despite a slight decline at the beginning of the session following an unexpected increase in US crude oil supplies.
Towards the end of the Asian session, Brent oil futures traded at $ 108 a barrel, while US WTI hovered around $ 103 a barrel.
The latest data from the American Petroleum Institute (EIA) shows U.S. crude oil inventories rose by 9.4 million barrels last week, the highest increase ever recorded since March 2021.
However, the recorded decline in oil prices was limited as there were other stronger factors supporting the strengthening of the black commodity.
The International Energy Agency (IEA) said in a report on Thursday that OPEC+ members only supplied 10% of their promised supply increase for March, adding to market pressure already struggling with Russian oil cuts.
At the same time, major global trading firms also plan to reduce purchases of crude oil and fuel from Russian state -controlled oil companies in May.
In addition, the strengthening of prices was also supported by the ongoing conflict between Russia and Ukraine, especially after President Vladimir Putin said he would continue his aggression when peace talks were at a stalemate.
