Crude oil prices climbed on Thursday after suffering significant losses in the last session, reported Reuters. Brent crude rose 44 cents at $46.70 per barrel, while US crude saw a hike of 43 cents to $45.18 per barrel. However, experts believe this increase will be limited, in the backdrop of the glut in global oil market which is expected to stay for a while.

According to the International Energy Agency, the glut in oil is stagnating crude prices, despite strong demand growth, along with sharp declines in production from outside the Organization of the Petroleum Exporting Countries. The Paris-based intergovernmental organisation also highlighted that the floating storage of crude has hit a seven-year high because of the rising stocks. On Wednesday, oil prices fell more than 3%.