SINGAPORE: Oil extended gains in Asia on Thursday following a drop in US crude stockpiles indicating stronger demand in the world’s biggest economy, but analysts said prices remain under pressure due to a global supply glut.
US benchmark West Texas Intermediate for February delivery was up 51 cents at $49.16 a barrel in late-morning trade and Brent crude for February gained 41 cents to $51.56. Brent briefly slipped below $50 for the first time since 2009 on Wednesday.
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