Mubasher: The prices of oil declined on Friday after economic data showed a rise in US oil and natural gas stockpiles.

Brent crude (for April delivery) decreased 0.18% to $56.4 per barrel.

Late Thursday, the Energy Information Administration (EIA) reported an increase in US oil reserves by 564,000 barrels in the week ended 17 February, bringing total non-strategic reserves to 518.7 million barrels.

Analysts had expected a rise by around 3.475 million barrels.

The EIA also reported on Thursday a decline in natural gas output by around 89 billion cubic feet to reach 2.356 trillion cubic feet in the week ended 17 February, down from 2.445 billion cubic feet recorded the week before.