Oil prices rose in Asian trade Thursday, building on overnight gains on signs that demand in the United States and China could strengthen, analysts said.
New York's main futures contract, light sweet crude for delivery in April, gained 12 cents to 45.50 dollars a barrel.
Brent North Sea crude for April rose 19 cents to 46.31 dollars.
An increase in gasoline demand in the United States as shown in the Department of Energy's weekly report helped pull prices up, analysts said.
"The latest US weekly data show the strongest February week for gasoline demand ever and a further significant improvement in gasoline fundamentals," Barclays Capital analysts said.
While US crude stockpiles dropped by 700,000 barrels during the week ending February 27, they remained 16 per cent above their level a year ago.
New York's main futures contract, light sweet crude for delivery in April, gained 12 cents to 45.50 dollars a barrel.
Brent North Sea crude for April rose 19 cents to 46.31 dollars.
An increase in gasoline demand in the United States as shown in the Department of Energy's weekly report helped pull prices up, analysts said.
"The latest US weekly data show the strongest February week for gasoline demand ever and a further significant improvement in gasoline fundamentals," Barclays Capital analysts said.
While US crude stockpiles dropped by 700,000 barrels during the week ending February 27, they remained 16 per cent above their level a year ago.
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