Sources: Bloomberg & BBC
Brent crude lost earlier gains after touching $50 a barrel for the first time in more than six months as U.S. crude supplies and production declined.
U.S. stockpiles shrank more than expected last week, while supplies have also been curtailed in Nigeria, Venezuela and Canada.
Meanwhile Shell is to cut a further 475 jobs in the North Sea, with most of the losses at its headquarters in Aberdeen.
The job cuts follow Shell’s takeover of oil and gas exploration firm BG Group, and what was described as a “lower for longer” oil price environment.
The cuts come on top of more than 10,000 job losses Shell announced over the past two years.