Oil holds above $48 a barrel after U.S. stocks hit record high

Brent crude oil futures held above $48 a barrel on Thursday as investor inflows offset data showing that U.S. crude stocks had hit a record high. By 0928 GMT on Thursday, U.S. crude was trading at about $44.50 a barrel, up 5 cents and off a six-year low hit on Wednesday. Brent was up 26 cents at $48.73 a barrel. On Wednesday, the U.S. Energy Information Administration (EIA) said domestic crude oil stocks had risen by almost 9 million barrels week on week to nearly 407 million, the highest level since the government began keeping records in 1982.

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