Oil rangebound as equity rally offsets inventory rise

Crude prices traded in a narrow range on Thursday as optimism over equity markets helped offset a surprise increase in U.S. oil inventory levels and a firm U.S. dollar. A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, also helped hold oil prices rangebound after weeks of huge swings. Brent slipped 15 cents to $50.35 a barrel by 1126 GMT, having gained 94 cents in the previous session.