Oil prices rise despite ample crude supplies

Benchmark oil for April delivery was up 12 cents to US$92.64 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 2 cents to close US$92.52 on the Nymex on Wednesday.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 8 cents to US$108.60 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline lost 2.2 cents to US$3.11 a gallon.

— Heating oil fell 1.1 cent to US$3.001 a gallon.

— Natural gas added 1.9 cents to US$3.699 per 1,000 cubic feet.

The Labor Department will release weekly jobless claims later in the day. A brightening employment picture in the U.S. helped propel the Dow Jones Industrial Average to a record high earlier this month. On Wednesday, the Energy Department's Energy Information Administration said crude supplies rose by 2.6 million barrels to 384 million barrels for the week ended March 8. Analysts had expected an increase of 2.3 million barrels. The increase puts oil in storage 10.5 percent higher than levels one year earlier.

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