London — Oil prices rose on Thursday after US data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by oil cartel Opec to cut production. Benchmark Brent crude oil was up 70 US cents a barrel at $56.54 by 8.55am GMT, recovering from a drop of 82c on Wednesday. US light crude was 70c higher at $54.29 a barrel. 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 reduce production by about 1.8-million barrels per day in an attempt 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 US, the world’s biggest oil consumer. Industry data on Wednesday showed US crude inventories fell by...
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