The rollercoaster ride in oil prices continued on Thursday, after the market tumbled on news that U.S. inventories were at a near-80 year high.
The price of Brent and WTI crude oil veered between losses and gains in early trading. By 12:00 p.m. GMT, Brent was around 1.3 percent higher at $54.89 a barrel and WTI was up around 0.7 percent at $48.81.
This shift higher followed price declines of around 6.5 percent on Wednesday, after the Energy Information Administration reported that U.S. oil inventories were at their highest since 1930. The news intensified investor fears that prices—which have fallen by around 50 percent since last June—would remain under heavy pressure from global oversupply, as well as from the strong U.S. dollar and weak demand.