Oil prices have risen slightly, although gains are under scrutiny as industry analysts expect that the oversupply may not be reduced any time soon.

Brent crude futures LCOc1 edged up 35 cents at $33.23 a barrel, while the US futures CLc1 increased 66 cents at $30.35, Reuters reported.

The International Energy Agency said that as declines in US output are expected to take some time, unwanted oil would be stored globally during 2016.

"The announcement came as the company planned to idle eight underground mines and two processing plants in the region."

OPEC is also not expected to make a deal with other producers to reduce ballooning output.

IEA added that supply may exceed consumption by an average of 1.75 million barrels a day during the period, compared with an estimate of 1.5 million in January 2016.

BNP Paribas strategist Gareth Lewis-Davies told the news agency: "The key issue in the market is the point in time at which supply and demand balance once more, and what we’re seeing here is the IEA are suggesting that will be pushed further into the future."

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A survey conducted by the news agency found an increase in US inventories by 3.9 million barrels in the week ending 5 February.

As discussions between Saudi Arabia and Venezuela made no real progress, it is likely that major producers outside the US also may not cut production.