Oil prices steady after sharp decline

Oil prices stabilized Thursday after prior day's heavy selloff.

Oil prices plunged Wednesday as U.S. crude inventories added more than expected last week.

U.S. crude stockpiles increased 8.9 million barrels to 406.7 million last week, 49.1 million barrels more than a year earlier, according to the data of Energy Information Administration (EIA).

Meanwhile, inventories at Cushing, Oklahoma, the delivery point for the contract, gained 2 million barrels to 38.8 million barrels.

U.S. crude production increased 30,000 barrels to 9.213 million last week, the highest level since 1983.

The upbeat U.S. economic data released Thursday also gave oil prices some support.

In the week ending Jan. 24, the advance figure for seasonally adjusted initial jobless claims dropped by 43,000 to 265,000, hitting the lowest level since April 15, 2000, said the U.S. Labor Department Thursday.

Light, sweet crude for March delivery gained 8 cents to settle at 44.53 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery moved up 66 cents to close at 49.13 dollars a barrel.