Crude oil futures remain at a level around $52 after US Energy Department released data on the state of the US oil inventories.

The report showed a 600,000-barrel increase in crude stocks and a 700,000 surge in distillate supplies, including heating oil and diesel fuel. The increase, although healthy, was not sufficient to offset the fears of the market participants. Gasoline stocks showed an increase of 1.8 million barrels.

Oil traded at $51.39 at the NYMEX.

There are still fears that OPEC might decide to cut output quotas to support prices.

Kuwait’s oil minister Sheikh Ahmad Fahd al-Ahmad al-Sabah said in Kuwait Wednesday that OPEC might step up production if prices continue to rise. At the meeting scheduled for March 16 in Iran OPEC’s oil ministers might decide to cut production. However, in the light of a sharp increase in prices the cartel might indeed decide to boost output to prevent further price growth. At the moment OPEC is the only entity that can step up oil production as Russia’s oil industry is already running at maximum capacity. However, analysts are doubtful that OPEC will indeed make an effort as in the past year the cartel was passively watching the surge in oil prices.

``It’s mainly the cold snap that’s added $4 or $5 to prices, particularly with Europe having a freeze from Siberia,’’ said Jason Kenney, an analyst at ING Financial Markets in Edinburgh. ``The market is concerned that Russian supply growth won’t be outstanding and that China is drawing a lot of oil. For prices to come down, you need for supplies to go ahead of demand.’’