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Oil prices began rising again on Thursday morning after higher than expected US inventories knocked them from four-week highs on Wednesday afternoon.

Brent crude, the international benchmark, dropped 1.8 per cent in little over an hour yesterday after government data showed US crude stockpiles unexpectedly rose by 1.6m barrels last week.

However, it still ended the UK day in positive territory, and at publication time had gained another 0.3 per cent for the day to $54.50 per barrel.

WTI, the US benchmark, is up 0.18 per cent, to $51.24 per barrel.

Copyright The Financial Times Limited 2017. All rights reserved.

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