LONDON, Feb 16: World oil prices recovered slightly on Thursday after striking two-month low points the day before on data that revealed healthy stockpiles of US energy, analysts said.

New York’s main contract, light sweet crude for delivery in March, climbed 45 cents to $58.10 per barrel in pit dealing, after closing down almost $2 on Wednesday.

In London on Thursday, the price of Brent North Sea crude for April delivery added 44 cents to $58.59 per barrel.

Sucden analysts in London noted that the market had been “oversold” on Wednesday but said that “the current glut of crude oil remains a heavy pressure on the market”. Crude futures have tumbled 15 per cent since the start of February, mainly owing to large stockpiles of US energy.

Mitsubishi Corp analyst Tony Nunan said the market was taking a breather.

“It’s a rest stop,” he said. “The market sold off considerably and can’t keep going straight down.”

Prices had tumbled after Wednesday’s report from the US Department of Energy (DoE) showed better-than-expected reserves of US crude oil and refined products.

On Wednesday, the New York contract had closed at $57.65 per barrel — the lowest finish since December 19.

Crude stockpiles rose by 4.9 million barrels to 325.6 million in the week to February 10, the DoE said, beating market expectations of a 1.1-million-barrel build.

Gasoline (petrol) reserves increased 2.2 million barrels to 225.5 million, ahead of analysts’ forecast for a rise of 1.4 million barrels.

Reserves of distillates, used for heating and diesel fuel, rose 900,000 barrels to 136.9 million.

Crude stocks in the United States are now some 11 percent higher than at the same stage last year, while gasoline and distillates stockpiles are up 1.8 per cent and 14 percent respectively.

Elsewhere the market continued to study the unfolding crisis over Iran, which has led to concerns of possible disruptions to the country’s oil exports that amount to 2.6 million barrels of crude per day.—AFP