Lower than expected US inventory growth, declining supplies from Libya and hopes the Organisation of the Petroleum Exporting Countries (Opec) will extend output cuts have pushed oil prices to extend gains of more than one per cent yesterday.
The price of global benchmark Brent crude lifted 0.88 per cent this morning to $51.78 a barrel while West Texas Intermediate was trading 0.91 per cent higher at $48.81 a barrel.
Crude recovered overnight after data from the American Petroleum Institute reported increases just below the 2m barrels analysts expected while Libyan supplies were disrupted due to conflict in the country.
