Oil prices up in early Thursday trade

Oil prices increased in early trade on Thursday as Brent crude rose 38 cents, or 0.5 per cent, to $78.63 a barrel and the U.S. West Texas Intermediate crude (WTI) futures rose 52 cents, or 0.7 per cent, to $73.22, according to Reuters.

This increase adding to the notable progress made in the previous session, on continuing worries over Middle Eastern supply, following tensions at a field in Libya and heightened conflict in Gaza Strip.

On Wednesday, the Brent crude and WTI surged by three per cent for the first time in five days, as WTI benchmark witnessed the biggest daily percentage increase since middle of November, Reuters added.