Oil traded mixed in Asia today despite a rise in US crude stockpiles that drove home a lack of demand in the world's biggest energy consumer, analysts said.
New York's main futures contract, light sweet crude for delivery in March, eased 17 cents to $40.15 a barrel.
Brent North Sea crude for delivery in March gained 10 cents to $44.25 a barrel.
"The downward momentum in pricing has been broken," said Victor Shum, senior principal in Singapore with energy consultants Purvin and Gertz. He said the 40-dollar level "seems to be a very strong support".
After plunging from record highs above $147 last July, oil prices touched multi-year lows in December, at one point nearing $32 a barrel.
The US Department of Energy, in a weekly report, said stockpiles of crude had risen by 7.2 million barrels last week, more than double the 2.9 million forecast by analysts.
It was the fifth consecutive week of gains, and the sharp rise underlined slack demand during a global financial crisis that has dramatically slowed the world economy.
However, Shum said the Organisation of the Petroleum Exporting Countries' (OPEC) compliance with announced cuts in its output helped to support oil prices in the face of weak demand.
