Oil price gains eased on Thursday after U.S. government data showed a seventh straight build in crude stocks, suggesting high inventories could undermine OPEC's move to cut output.
Benchmark Brent crude oil rose 71 cents a barrel, or 1.3 percent, to $56.55 by 2:34 p.m. EDT (1934 GMT) after touching a high of $57.26. U.S. light crude settled up 86 cents, or 1.6 percent, at $54.45 a barrel after touching $54.94 a barrel.
Prices extended gains soon after the inventory data was released, but much of those advances dissipated over the next 30 minutes.
U.S. crude stocks rose 564,000 barrels last week, the seventh consecutive rise, data from the U.S. Energy Information Administration showed on Thursday, although less than previously expected.
Still, at the Cushing, Oklahoma delivery hub, inventories fell by more than 1.5 million barrels, its largest draw since October.