Oil prices rise despite falling share prices

Oil prices rose nearly one per cent on Thursday on track for a fourth straight day of gains, but analysts remained cautious about record-high U.S. crude inventories.

Brent crude futures gained 43 cents or 0.8 per cent to 54.80 dollars a barrel.

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U.S. West Texas Intermediate (WTI) crude futures rose 0.9 per cent or 47 cents a barrel to 51.60 dollars.

WTI touched a session high of 51.77 dollars a barrel.

Refinery runs are starting to increase as U.S. summer driving season approaches and gasoline inventories have been declining.

U.S. government data still shows crude inventories at record levels.