Oil price gained after declining earlier in the session were yesterday's plunge further continued. Prices were under pressure as record high inventories in the U.S. were reported. The market halted the biggest four-day rally since January 2009 as stockpiles advanced 6.33 million barrels to 413.1 million, the highest level in at least three decades. Markets remain highly volatile. Brent Crude added 2.55%, currently trading at USD55.54 a barrel. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. West Texas Intermediate rose by 1.82% currently quoted at USD49.33.
Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.