Crude prices rebound from 4-month low but gains curbed by inventory buildup

Crude prices rose in European trade on Thursday away from a four-month low, heading for the first gain in six days, but the U.S. inventory buildup to another record high curbed the gains.

As of 12:10 GMT, U.S. crude rose to $48.30 a barrel from the opening of $48.20, with an intraday high at $48.45, and a low at $48.11. 

U.S. May futures closed down 0.1% yesterday, the fifth daily loss in a row, while greatly paring an earlier decline of 2.2% away from a four-month low at $47.07. 

The Energy Information Administration reported a buildup of 5.0 million barrels in U.S. inventories in the week ending March 17, passing expectations of a 1.9M rise. 

According to the data, total stockpiles reached 564 million barrels, the highest since records began in 1982, in a negative sign for demand in the world's largest oil consumer.