Oil prices firm up after falling on supply data

Oil prices firmed up on Thursday, stabilizing after a steep drop in the previous session after data showing an unexpected increase in U.S. oil stockpiles last week on the back of increased production.

On the New York Mercantile Exchange, crude oil for August delivery edged up 0.17% to $57.05 a barrel after ending the previous session down 4.2%.

Brent crude for August delivery, the global benchmark rose 0.52% to $62.33 after falling 2.5% in the previous session.

Oil prices tumbled after the U.S. Energy Information Administration said in its weekly report on Wednesday that crude stockpiles rose by 2.4 million barrels in the week to June 26.

The consensus forecast had been for a decrease of 2 million barrels.

At 465.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

It was the first supply build since April and added to concerns over a global supply glut.

Global oil production is still outstripping demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.