Brent crude oil prices moved higher early Thursday as deteriorating security situations in Iraq and Libya countered increasing U.S. inventories.

The global benchmark briefly topped $61 per barrel for the April contract before moving to $60.87, 32 cents above closing price Wednesday.

Libya's state-owned National Oil Corp. declared force majeure on 11 oilfields Wednesday, releasing it from production commitments due to the recent spate of attacks from militant groups including the Islamic State. This after a recent rise in production due to restarting operations at the Sarir field.

Iraqi forces have been engaged this week in an offensive to retake Tikrit and its nearby oilfields from Islamic State forces.

Saudi Arabia on Tuesday raised the price of its oil for delivery to the United States and Asia, and the country's oil minister on Wednesday expressed optimism that markets would stabilize, nudging the price for Brent higher.

West Texas Intermediate, the U.S. benchmark, was trading early Thursday at $51.06 for April delivery, down 47 cents from Wednesday's close.

The U.S. Energy Information Administration on Wednesday reported U.S. crude oil inventories increased by 8.4 million barrels from the previous week. At 434.1 million barrels, it is at the highest level for this time of year in at least 80 years, despite falling rig counts and spending cuts in exploration and production.