U.S. government data indicated Thursday morning that crude stockpiles rose less than an earlier industry report indicated, and as demand for distillate fuels rose, thus driving oil prices higher.
Crude futures stabilized earlier, rising along with equities following hints of monetary stimulus in Europe.
Figures released by the Energy Information Administration reported that commercial crude inventories rose by about four million barrels in the week ended Jan. 15, to the highest level since 1990.
Analysts expected crude stocks to rise by 2.8 million barrels, according to a poll of eight analysts. But data from the American Petroleum Institute, a U.S. industry group, showed crude inventories rose by 4.6 million barrels on Wednesday.
International benchmark Brent was up $1 at $28.88 U.S. a barrel by mid-morning Thursday. Brent has lost 26% so far in January, on track for its biggest monthly fall since 2008.
Front-month West Texas Intermediate (WTI) crude futures traded at $29.15 U.S. per barrel, up 80 cents from their previous close.
EIA data also showed that gasoline stocks rose by 4.6 million barrels, compared with analysts' expectations for a 1.4-million-barrel gain. Distillate stockpiles, which include diesel and heating oil, fell by one million barrels, versus expectations for a 133,000 barrels increase.
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