Oil prices tick up as Middle East tensions rise

Oil prices ticked higher in Asian trading as markets measured rising tensions in the Middle East against a surprise build in U.S. crude stockpiles that pushed oil benchmarks down about 80 cents in the previous session. U.S. crude inventories increased by 1.3 million barrels in the week ended on Jan. 5 to 432.4 million barrels, the EIA said on Wednesday, against analyst expectations for a 700,000-barrel draw. "Bearish fundamentals, including higher inventories and higher production, are playing out against rising tensions in the Middle East," IG analysts wrote in a note.