World oil prices extended gains in Asian trade Thursday after the US Fed announced quantitative easing measures to help recover country's economy.
Light sweet crude for March delivery, was seen trading at $87.64 per barrel while Brent crude for March was seen trading at $98.06 a barrel in London.
The Federal Reserve announced it would continue its 600-billion-dollar quantitative easing policy, which helped snap the oil price's six-session losing streak.
In a statement following its policy-setting meeting, the Fed said the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions.
Analysts, however said the black gold likely to remain highly volatile during the day as rising crude stockpiles in the U.S. countered signs of an improving economic outlook in the world's biggest consumer.
The US Energy Department on Wednesday said crude supplies climbed four times more than forecast last week while fuel demand dropped.
U.S. commercial oil stocks added 4.8 million to 340.6 million barrels last week, mostly attributable to a jump in imports.
On Wednesday, oil futures price rose despite a surprising gain in inventories. Light, sweet crude for March delivery rose $1.14 to $87. 33 a barrel on the New York Mercantile Exchange.
