Oil Prices in Asia Witness Miniscule Rise After Six Day low

Oil prices rose slightly in thin Asian trade on Thursday, breaking a six-day losing streak fueled by mounting fears that more aggressive interest rate hikes by central banks will crimp economic growth and fuel demand.

By 0110 GMT, Brent crude futures had risen 2 cents to $80.62 per barrel. West Texas Intermediate crude futures (WTI) gained 9 cents, or 0.1%, to $74.04 per barrel.

According to the minutes of the most recent Federal Reserve meeting in the United States, a majority of Fed officials agreed that the risks of high inflation remained a key factor shaping monetary policy and justified continued rate hikes until it was controlled.

Oil has also been under pressure due to signs of additional crude inventory builds.

According to market sources citing American Petroleum Institute figures on Wednesday, crude oil and fuel inventories in the United States increased by 9.9 million barrels last week.

Since mid-December, US oil inventories have risen every week, raising investor concerns about demand.

Last week, a poll predicted a 2.1 million barrel increase in crude stockpiles. The US Energy Information Administration will release official data on Thursday at 1600 GMT.