Oil prices go up, ending six days of losses

Oil prices rose slightly in weak Asian trade on Thursday, ending six days of losses fueled by growing concerns that higher interest rates by central banks could squeeze economic growth and boost fuel demand.

And by 0110 GMT, Brent crude futures rose two to $ 80.62 a barrel. West Texas Intermediate crude rose nine cents, or 0.1 percent, to $74.04 a barrel.

A statement from the latest meeting of the Federal Reserve revealed that the majority of bank officials agreed that the risks of high inflation are still an important factor in formulating monetary policy, which justifies the continuation of raising interest rates until it is controlled.

Oil prices are under pressure due to indications of an increase in crude stocks.

Market sources, citing data from the American Petroleum Institute, said on Wednesday that fuel inventories increased by 9.9 million barrels last week.