Oil prices edge up as Yemen concern lingers

Oil prices rose on Wednesday as the Yemen conflict remained a concern despite concerns of a global supply glut after industry data showed a build in US crude inventories for the 15th straight week.

Brent crude for June delivery was up 47 cents at $62.55 a barrel by 1321 GMT, after touching an intra-day low of $61.39.

US crude for June delivery was up 7 cents to $56.68 a barrel, after reaching a low of $55.73 earlier in the session.

Prices drew support from continued fighting in Yemen, despite Saudi Arabia saying on Tuesday it was ending a month-long campaign against the Iran-allied Houthi rebels. Yemen sits on shipping lanes used to transport oil from the Arab Gulf to Europe via the Suez Canal.

The White House said on Wednesday that Yemen remains unstable and much more work needs to be done in the region.

The American Petroleum Institute (API) said on Tuesday that US crude stocks rose by 5.5 million barrels last week, higher than the 2.9-million-barrel build expected by analysts in a Reuters survey, to a record 480.2 million barrels. Stocks at the key delivery point of Cushing, Oklahoma rose by 572,000 barrels, the API said.