Oil prices rose on Thursday but analysts remained cautious after news that U.S. oil supplies had touched record highs. Brent crude for March delivery rose 2% to $55.80 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March recently traded at $50.16 a barrel, up $1.34, or 2.8%. Market participants said traders are looking to book gains before the expiration of the Brent March contract on Thursday. Analysts also pointed to weakness in the U.S. dollar, which is supportive of dollar-denominate commodities such as oil. Looking at the longer term fundamentals, however, the picture hasn’t changed much, analysts say. U.S. crude stockpiles rose more than expected last week, reaching another record high, according to the U.S. Energy Information Administration. The EIA also reported U.S. oil production rose by 49,000 barrels a day to 9.2 million last week, an […]