Oil Rose Despite Increased Stocks Report

Oil price inched up Thursday, despite the latest US government energy report showed a huge build in crude stocks, the highest level in almost three years.

US light sweet crude for May delivery gained 47 cents to $54.28 a barrel on the New York Mercantile Exchange, mid-afternoon Thursday in Asia in after-hours electronic trade.

The U.S. Energy Department said in its weekly report Wednesday that crude oil inventories rose by 4.1 million barrels last week to 309.3 million barrels, or 8 percent above year-ago levels.