Oil prices fell below $60 a barrel for the first time since mid-May on Thursday as markets continued to react to Wednesday’s US inventories data. Crude prices have fallen 17 per cent in the past eight sessions.

But trading was volatile. Nymex August West Texas Intermediate reached a high of $61.62, a gain of $1.48 on the day. WTI later sank to a low of $59.25 before finishing 27 cents higher at $60.41.