TOKYO - Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode.
In the prior session, oil prices were under pressure after U.S. crude oil and gasoline inventories rose unexpectedly last week driven by a rise in crude imports and sluggish gasoline demand, according the Energy Information Administration data.However, the crude stock increase was smaller than the build projected by the American Petroleum Institute.
"The market is converging on a June start to cuts for both the Fed and the European Central Bank," JPMorgan analysts said in a note. Lower interest rates support oil demand.In 2001, Warren Buffett came up with what he called, “probably the best single measure of where valuations stand at any given moment.”Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates become more wary of U.S.
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