Investing.com - West Texas Intermediate oil futures edged lower on Thursday, amid ongoing concerns over a glut in U.S. supplies.
On the New York Mercantile Exchange, crude oil for delivery in April shed 66 cents, or 1.28%, to trade at $50.34 a barrel during European morning hours.
The U.S. Energy Information Administration said in its weekly report Wednesday that U.S. crude oil inventories rose by 8.4 million barrels last week, compared to expectations for an increase of 4.0 million barrels.
Total U.S. crude oil inventories stood at 434.1 million barrels, the most in at least 80 years.
A day earlier, New York-traded oil futures rallied $1.71, or 3.47%, to settle at $50.99 as Saudi Arabia's oil minister calmed markets with reassuring comments on global oil demand.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery dipped 20 cents, or 0.32%, to trade at $61.44 a barrel.
The April Brent contract surged $2.97, or 5.06%, on Wednesday to end at $61.63 a barrel, the most since February 18.
The spread between the Brent and the WTI crude contracts stood at $11.10 a barrel, compared to $10.64 by close of trade on Wednesday.
Brent prices soared after Saudi Arabian oil minister Ali al-Naimi told reporters on Wednesday that oil markets have settled down after a prolonged period of volatility late last year.
Oil prices have fallen sharply in recent months as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.