Oil prices stay supported, Brent trades above $60/barrel

Oil prices remained supported in Asian trade Thursday after strong gains in the previous trading session on expectations that U.S. oil supply has started to slow, and global oil demand is strengthening.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK5, -0.64% traded at $56.43 a barrel, up 3 cents in the Globex electronic session. June Brent crude LCOK5, +3.29% on London’s ICE Futures exchange fell $0.22 to $63.10 a barrel.

Oil had risen sharply on Wednesday, with Nymex West Texas Intermediate gaining 6% to its highest level so far this year, after weekly U.S. oil stockpiles rose by just 1.3 million barrels compared to expectations of 3.5 million barrels.

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