Oil edges back from 6 percent fall, but outlook weak

Oil prices rose more than a percent on Thursday, clawing back part of the 6 percent slump in the previous session that was triggered by a shock jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish. A 10.95 million-barrel surge in U.S. crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures on Wednesday. "Total U.S. crude stocks continued to fly far above 5-year highs, setting new records every week," Societe Generale analysts said in a note. Cushing, the delivery point for West Texas Intermediate contracts, is now filled to 85 percent of its total working capacity of 70.1 million barrels, the bank said.

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