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Oil rises, ignoring an increase in US stocks
Oil prices rose at the beginning of Thursday's trading, ignoring an increase in US inventories, contrary to expectations of a decline.
Data from the US Energy Information Administration showed Wednesday that US inventories rose 2.17 million barrels to 429.77 million barrels last week.
By 0430 GMT, London Brent crude futures for June delivery rose 0.62 percent, or 46 cents, to $ 74.46 a barrel.
US crude futures rose 0.54 percent, or 37 cents, to $ 68.42 a barrel.
The price of crude remains near its highest level in more than three years, which was achieved two sessions ago.
Observers say oil gains have been boosted by fears of geopolitical tensions in the region and expectations that the United States will impose new sanctions on Iran. Finished
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