Brent crude oil remained above $68 a barrel on Thursday, after reports of the first decline in crude inventories in the US since January.

Brent crude increased 50 cents a barrel to $68.27, while the US crude rose 20 cents to $61.13 a barrel, Reutremaiers reported.

The US Energy Information Administration said crude inventory in the country dipped 3.9 million barrels last week, representing the first slump in four months.

"Despite enough supply, oil prices increased by 50% from a six-year low in January due to rising demand and a stronger slide in US crude supply.

Despite enough supply, oil prices increased by 50% from a six-year low in January due to rising demand and a stronger slide in US crude supply.

Oil traders believe that the market is oversupplied, with large amounts of crude still waiting to be sold in West Africa, Azeri and North Sea.

Ministers of the Organization of Petroleum Exporting Countries (OPEC) are set to meet in Vienna in June to discuss policy changes.

Unless there is a change in the stance of non-OPEC producers, major policy changes are not expected to take place at the meeting.

A senior Gulf OPEC delegate told the news agency that the OPEC cartel aims to help balance the market by bringing the producers to the table.