Brent rises above $50, headed for best day since December

Listen to this article

00:00
00:00

Brent crude is back above $50 a barrel for the first time in four trading days, positioning the global oil benchmark for its best day since December after the weekly US crude stockpile report showed a bigger-than-expected drop in oil and gasoline inventories.

Brent crude rose as much as $1.79 or 3.7 per cent to $50.52 a barrel before trimming those gains to trade 3.2 per cent higher at $50.29 a barrel by pixel time. That left it poised for its largest one-day gain since December 1.

Meanwhile, West Texas Intermediate, the US crude marker — which had climbed as high as $47.67 a barrel after the weekly crude report — was up 3.5 per cent to $47.48 a barrel. That left it on track for its biggest one-day gain since November.

The rally in oil prices also helped lift energy shares, with the S&P 500 energy sector advancing 1 per cent and leading the gains on the benchmark index.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.