Oil struggles to recover from 5% tumble

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Oil prices edged up on Thursday following a 5 per cent fall on Wednesday on news that US inventories had risen to a record high.

The international benchmark Brent Crude was up 0.8 per cent at $53.51 a barrel, recovering slightly from a 5 per cent fall to close at $53.53 a barrel in the previous session. The US benchmark West Texas Intermediate was up 0.6 per cent at $50.58 a barrel having dropped 5.4 per cent the day prior to close at $50.28 a barrel.

Wednesday’s fall came as the US energy department released data showing US stockpiles had risen for a ninth consecutive month to 8.2m barrels.

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