Oil markets remained tenseon Thursday on concerns of a military escalation in Syria,although prices remained some way off Wednesday's highest sincelate 2014 as bulging American supplies weighed.
Brent crude futures were at $72.30 per barrel at0244 GMT, up 24 cents, or 0.3 percent from their last close. U.S. WTI crude futures were at $67.09 a barrel, up 27cents, or 0.4 percent from their last settlement. In China, Shanghai crude futures were also up,rising 8.9 yuan to $427.1 yuan ($427.10) per barrel, with recordvolumes traded on the product that was only launched in lateMarch. Both Brent and WTI hit highest since late 2014 of $73.09 and$67.45 per barrel on Wednesday, respectively, after Saudi Arabiasaid it intercepted missiles over Riyadh and U.S. PresidentDonald Trump warned Russia of imminent military action in Syria. "Geopolitical risks outweighed an unexpected rise ininventories in the U.S.," ANZ bank said on Thursday. U.S. crude oil inventories rose by 3.3 millionbarrels to 428.64 million barrels. Meanwhile, U.S. crude oil production last weekhit a fresh record of 10.53 million barrels per day (bpd), up bya quarter since mid-2016. The United States now produces more crude than top exporterSaudi Arabia. Only Russia, at currently just under 11 millionbpd, pumps out more. (Reporting by Henning Gloystein; Editing by Michael Perry andGopakumar Warrier)