Oil Prices Rally Above $46 per Barrel Mark for First Time in 5 Months

Oil prices continued to recover on Wednesday, surpassing the $46 per barrel mark to reach their highest values since late November.

MOSCOW (Sputnik) — The Brent crude benchmark rose above the $46 per barrel mark early on Wednesday, recovering to its highest level since November 25. Approaching Wednesday noon, North Sea crude was close to $47 per barrel. WTI crude mirrored the trend, rising past the $45 per barrel mark for the first time since November 5.

Brent July 2016 futures were over 2 percent in the green, reaching $46.62 by 10:00 GMT, while WTI June 2016 futures traded at $44.93 per barrel.

The rally follows Tuesday's news of falling oil stocks in the United States. US stocks fell nearly 1.1 million barrels in the past week, according to American Petroleum Institute (API) figures, having previously been expected to increase. Investors are also anticipating US Energy Information Administration weekly oil stocks figures to be released later on Wednesday.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.