Oil prices held above $50 a barrel on Wednesday following a 3 percent jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures.
Brent and U.S. futures for December delivery rose slightly to $50.70 and $48.09 respectively by 1339 GMT (8.39 a.m. ET). Brent ended the last session $1.75, or 3.6 percent, higher while U.S crude rose $1.76, or 3.8 percent on Tuesday.
U.S. crude hit its highest since Oct. 13 during Tuesday’s session after the U.S. Colonial Pipeline suspended operations due to flooding, on outage that came on top of a strike at Brazil’s state oil producer Petrobras and the closure of the Libyan oil export terminal.