On Thursday, oil prices fell after U.S. gasoline and crude stockpiles rose sharply however indications that Opec and other producers are holding the line on output cuts are helping support prices.
Price of Brent crude Futures fell to $56.52/barrel by 28 cents after settling up $1.22 in the previous session. On the other hand, West Texas Intermediate fell to $53.55 down by 33 cents after rising by $1.07 in the previous session.
Last week, U.S. crude stocks grew by 6.5 million barrels to 494.76 million barrels according to Energy Information Administration.
Market analyst of optionsXpress in Sydney, Ben Le Brun stated that in the previous session there were some solid gains in prices which might have led to some profit making in the Asian session. However, prices are still range bound, he added.
Gasoline stocks rose by 3.9 million barrels. Demand for gasoline has been seasonally weak down by 5.7 percent.
However, prices were supported by indications that Opec producers and others are curbing output and geopolitical tensions between Tehran and the United States after latest missile test by Iran.