The price of US oil has stayed firm during trading today after breaking the $50 barrier yesterday evening for the first time since June.
West Texas Intermediate crude was down by 15 cents, or 0.3 per cent, in mid-afternoon trading, but remained about the $50 threshold to trade at $50.29.
Around 19 cents, or 0.36 per cent, was also shaved off the price of Brent crude today. The global benchmark was trading at $52.32 per barrel this afternoon.
A boost to the dollar, which makes oil more expensive for holders of other currencies, and increases to physical oil supplies coming from Russia, Libya and Nigeria has shaved a small amount off prices.
However, prices are holding firm off the back of a provisional Opec agreement to cut output to between 32.5m and 33m barrels per day at a meeting earlier this month.
This week, prices were also buoyed by a report from the US Energy Information Administration which showed oil stocks in the States had fallen by 3m barrels in the week ending 30 September – foiling concerns there would be a rise.