Oil prices rose despite an increase in U.S. crude inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Thursday. U.S. crude inventories increased by 3.98 million barrels to 486.5 million in the week to January 15.

Analysts had expected U.S. crude oil inventories to rise by 2.75 million barrels.

Gasoline inventories increased by 4.6 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 191,000 barrels.

U.S. crude oil imports decreased by 409,000 barrels per day.

Refineries in the U.S. were running at 90.6% of capacity, down from 91.2% the previous week.

Concerns over the global oil oversupply continued to weigh on oil prices. The chairman of Saudi Arabian Oil Co. (Saudi Aramco), Saudi Arabian state-owned oil producer, Khalid al-Falid said at the World Economic Forum in Davos on Thursday that Saudi Arabia can withstand low oil prices for a long period as production costs in Saudi Arabia are the lowest. But he expects higher prices by the end of the year.

al-Falid noted that the country is ready to cooperate with other oil producer to balance the oil market.

WTI crude oil for March delivery rose to $29.41 a barrel on the New York Mercantile Exchange.

Brent crude oil for March increased to $28.73 a barrel on ICE Futures Europe.