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2015-09-01 19:00:00

OIL UP 25%

OIL UP 25%

Oil prices have rocketed more than 25 per cent in three trading sessions, with the latest boost coming from data on US production and vague hints of a change of thinking inside the Opec producers' cartel.

The rise has been brutal for bearish traders, who just a week ago had pushed crude to the lowest levels in six and a half years.

On Monday, Nymex October West Texas Intermediate, the US oil benchmark, rose $3.98, or 8.8 per cent, to settle at $49.20 a barrel. London-listed ICE October Brent, the international marker, climbed $4.10, or 8.2 per cent, to settle at $54.15 a barrel in thin UK holiday trading.

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