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Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days on Wednesday and traded above the $50 per barrel mark.
Oil prices were bolstered by the biggest one-week drop in the United States’ inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to supply cuts by the Organisation of Petroleum Exporting Countries.
Brent, against which half of the world’s oil is priced, rose by $1.53 to $50.26 per barrel as of 6:10pm Nigerian time, while the US West Texas Intermediate increased by $1.57 to $47.45 per barrel.
Concerns about rising output from the US, Libya and Nigeria continue to weigh on markets, however, and some analysts questioned whether the sharp rebound following the US government figures would be sustained.
