Oil struggles to recover from 5% tumble

Listen to this article

00:00
00:00

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.

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.