Oil markets edged lower on Thursday after big losses in the previous session as record high oil inventories in the United States had cut short a four-day rally.
Prices had gained in early trade on optimism that steps by China’s central bank to pour fresh liquidity into the world’s second-biggest economy by lowering banks’ reserve requirements would spur demand for energy.
Oil markets remain highly volatile, with US crude losing 9 percent on Wednesday in one of its biggest routs ever. In the previous four sessions, prices had rallied almost 19 percent from their lowest in nearly six years.
Brent crude for March delivery was 14 cents lower at USD 54.02 a barrel by 0546 GMT, after touching USD 55 a barrel earlier in the day. The contract had settled USD 3.21 or 5.5 percent lower the previous day.
US crude traded 36 cents lower at USD 48.09 a barrel. The contract traded above USD 49 a barrel earlier in the session, after closing down almost 9 percent on Wednesday after the large build-up in inventories.
US crude stocks increased by 6.3 million barrels last week, rising for the fourth consecutive week to hit a record high of 413.06 million barrels, data from the Energy Information Administration showed, reports Reuters.
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