Oil prices rose slightly on Thursday after suffering losses due to larger than expected build up of inventories in the US.

Brent crude futures rose 32 cents and were trading at $62.33 per barrel, while front-month US crude futures edged up 19 cents, trading at $57.15 per barrel, Reuters reported.

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On Wednesday, the US crude price fell after government data showed a rise in inventories by 2.4 million barrels last week.

"Overall, production was supported by increased output from the Gulf of Mexico."

The rise in inventories came on the back of strong production in the US.

Barclays told the news agency: "Overall, production was supported by increased output from the Gulf of Mexico."

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The increase in output added to oversupply in production globally.

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In June, oil supply from the Organization of Petroleum Exporting Countries (OPEC) climbed to a three-year high of 31.60 million barrels per day (bpd), compared to 31.30 million bpd in May.

The increase, which comes despite outages in Libya and Nigeria that limited supplies, puts output further above its target of 30 million bpd.

Government data in Russia highlighted that oil for exports by ship increased to 2.852 million bpd in June, against 2.512 million bpd in May.

Oil traders are also keenly watching development in Iran, as the oil rich country is in negotiation with world powers to lift sanctions.