Oil prices edge higher

Oil prices rose slightly on Thursday but analysts said the eurozone's economic woes would continue to cast a shadow over the market.

New York's main contract, light sweet crude for delivery in May gained 16 cents to $96.74 a barrel.

Brent North Sea crude for May advanced 11 cents to $109.80 a barrel.

Analysts said lingering economic problems in the eurozone continued to stoke investor concerns, with parties in Italy unable to form a government and Cyprus the latest nation to need a multi-billion-dollar bailout.

"While the Cyprus saga has still to play out, attention has already turned to who could be next for a similar bailout. Fingers are pointing at (eurozone peers) Slovenia, Malta and Luxembourg," IG Markets Singapore said in a report.

"The fact that there are so many candidates in line for help doesn't bode well for the region's three-year-long debt crisis," it added.