Oil prices ended higher for a third consecutive session on Thursday despite the negative U.S. crude inventory report.

Crude prices have been rebounding from a sharp decline in early March when they were under pressure by the output-cut efforts by the Organization of the Petroleum Exporting Countries (OPEC).

Analysts said investors should remain cautious recently about the rising U.S. crude inventories.

The Energy Information Administration said in its weekly report on Wednesday that the U.S. crude stockpiles added 1.6 million barrels last week, way above market consensus of a decrease of 435,000 barrels.

The West Texas Intermediate for May Delivery added 0.55 U.S. dollars to settle at 51.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.53 dollars to close at 54.89 dollars a barrel on the London ICE Futures Exchange.

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