Today in Asia Trade, oil price up to $106.35 dollars a barrel, delivery rose 45 cents.

Oil prices were higher in Asian trade on Thursday, bolstered by a weaker-than-expected energy stockpiles report in the United States, the world’s biggest energy user.

The US government’s Energy Information Administration (EIA) said its crude stockpiles were unchanged at 311.8 million barrels in the week ending March 21.

That contrasted sharply with market expectations for a weekly gain of 1.8 million barrels.

“The inventory stats were bullish across the board,” Societe Generale commodity analysts said in a report.

Prices were supported by strong demand and stretched global supplies, which were further pressured by the OPEC cartel’s decision to maintain its output levels earlier this month.

ondon’s Brent North Sea crude for May delivery gained 35 cents to 104.34 dollars a barrel.

Oil prices also extended this week’s gains “amid persistent weakness in the US dollar and as investors were putting their money back into commodities,” said Sucden analyst Andrey Kryuchenkov.

“Just as it happened before, dollar weakness prompted market participants to put their money into dollar-denominated commodities, as they become relatively cheaper for foreign investors, while some use commodities as a hedge against inflation,” he added.

Oil has been supported by long-term concerns over the ability of producers to meet rising energy demand from the developing world, notably China and India.

New York crude hit a record intraday high of 111.80 dollars on March 17, while London Brent scored a historic peak of 108.02 dollars earlier this month.

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