Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.
Brent crude had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday.
U.S. crude was up 12 cents, or 0.2%, at $56.25 a barrel.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US.