WTI oil futures rise after weekly US inventory data

US oil stockpiles continued rising last week despite a fall in imports.

Commercial crude oil inventories increased by 4.0m barrels during the week ending on 15 January, according to the Energy Information Administration, the statistical arm of the US Department of Energy.

Gasoline stockpiles jumped by another 4.6m barrels, although those of other products such as distillates slipped by 1.0m barrels.

Imports of oil fell by 409,000 barrels a day in the latest week, the EIA said.

As of 16:01GMT front month Brent futures were up by 2.42% to $28.57 per barrel on the ICE, while West Texas Intermediate futures moved up by 2.14% to $28.97 per barrel.