May 28, 2015 / 12:57 AM / 2 years ago

NYMEX-Oil prices edge up after two days of steep falls

SINGAPORE, May 28 (Reuters) - Crude oil prices edged up on Thursday morning after a two-day slide, although high U.S. stocks and strong global production, along with a firm dollar, were keeping markets under pressure.

The increases followed two days of steep falls as a resurgent dollar weighed on the market amid concerns that U.S. crude supplies may have started rising again after three weeks of draws.

FUNDAMENTALS

* Front-month U.S. crude futures were up 25 cents from their last settlement at $57.76 per barrel by 0040 GMT on Thursday.

* Brent futures climbed 40 cents to $62.46 a barrel.

* Brent's premium over U.S. prices CL-LCO1=R has come off over 45 percent since mid-April as record OPEC production weighed on Brent while the American benchmark received some support from the peak demand summer driving season as well as almost a month of steady stock draws that only came to an end this week.

* Industry group American Petroleum Institute (API) said after the market's settlement that U.S. crude inventories rose by 1.3 million barrels last week, following three weeks of straight withdrawals.

MARKETS NEWS

* The U.S. dollar index ticked lower, though remained near one-month highs and advancing against the yen. Nikkei futures rallied.

DATA/EVENTS

* The following data is expected on Thursday (GMT):

0600 Germany Import prices Apr

0900 Euro zone Business climate May

1230 U.S. Weekly jobless claims

1400 U.S. Pending home sales Apr

Reporting by Henning Gloystein; Editing by Richard Pullin

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