The price of Brent crude oil traded slightly above $55 a barrel today after record US crude stockpiles.

Reuters reported that March Brent futures were up 62 cents to $55.28 a barrel and US March futures were trading up $1.09 at $49.93, reported Reuters.

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Crude stocks in the US reached record 418 million barrels. The American Petroleum Institute has recently said crude stocks increased by 1.6 million barrels last week.

"We should expect some recovery considering prices have been dropping."

Daniel Ang of Phillip Futures was quoted by Reuters as saying: "For today, we should expect some recovery considering prices have been dropping."

Ang added that news of industry restructuring and lower oil rig counts had been temporarily pushing up prices, but crude production still has not actually declined.

Saudi Arabian state media reported that the country’s oil minister met with Gazprom chairman and discussed cooperation between oil producers belonging to the Organization of Petroleum Exporting Countries (OPEC) and non-members like Russia.

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In November 2014, OPEC decided not to cut oil production, allowing prices to decline in order to protect its market share.

Cheap oil has put Russia’s state finances under a lot of pressure, forcing the country to prefer much higher prices.

Industry sources told Reuters that Saudi Arabia will keep March crude supply to Asia steady.