London — Oil prices rose more than $1 a barrel on Thursday after US data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by Organization of the Petroleum Exporting Countries to cut production. Benchmark Brent crude oil jumped $1.33 a barrel to $57.17 before easing back to $56.90 by 2.15pm GMT. US light crude hit a high of $54.89, up $1.30. Both benchmarks are near the top of relatively narrow $4 ranges that have contained trade so far this year, reflecting a period of low volatility since Opec and other exporters agreed to cut output. Opec and producers including Russia aim to cut production by around 1.8-million barrels per day (bpd) to drain an oversupply that has kept prices depressed for more than two years. So far Opec appears to be sticking to its deal but other producers, notably US shale companies, have increased output, helping swell stocks in the United States, the world’s biggest oil consumer. Industry data on Wednesday sh...
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