LONDON, Feb 8: Oil prices moved into positive territory on Friday, stemming a week-long slump caused by limp demand that has pushed up crude stocks in the United States.

Brent crude futures gained 29 cents to trade at $19.50 a barrel and US light crude rose 29 cents to $19.93 a barrel

Oil prices had retreated earlier this week after Kuwait, hit by a huge oilfield blaze last week, appeared to fulfil supply commitments with oil from storage and further evidence emerged that mild winter weather in the US was deterring consumption.

The Energy Information Administration (EIA) said on Thursday US January oil product demand fell 700,000 bpd, or 3.5 per cent, against the same month a year earlier.—Reuters