Global oil prices retreated today but analysts said losses were limited as dealers focused on positive signs in a US supply report while also tracking the crisis in Yemen.
Brent North Sea crude for delivery in June delivery dropped just two cents to $62.71 a barrel in London deals.
US benchmark West Texas Intermediate for June dipped 13 cents to $56.03 a barrel compared with Wednesday's close.
US commercial crude reserves in the period ending April 17 rose for the 15th week in a row, adding 5.3 million barrels, the Department of Energy said yesterday.
It said the increase lifts US oil supplies to the highest level on record.
However, production slipped by 18,000 barrels a day, following a 20,000 barrel drop in the previous week.
Dealers are hoping a slowdown in US shale output could alleviate a global crude oversupply, which led to a collapse in prices of more than 50% between June and January.
Analysts said that the oil market remained "volatile" as dealers kept close watch on the situation in Yemen.
A Saudi Arabia-led coalition yesterday launched new air strikes against rebels in the country a day after declaring its month-long campaign over.
Yemen has been gripped by turmoil since Shiite rebels launched a power takeover in Sanaa in February.
Although Yemen is not a particularly important oil producer, market watchers have been worried about the impact of the turmoil on the oil-rich region, notably in Iran, which is suspected of supporting the rebellion.
