Oil prices rise after report shows drop in US stocks

Oil prices rose on Thursday after US data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by Opec to cut production.

Benchmark Brent crude oil was up 70 cents a barrel at $56.54 by 1025 GMT, recovering from a drop of 82 cents on Wednesday. US light crude was 70 cents higher at $54.29 a barrel.

Both benchmarks are near the top of relatively narrow $4 ranges that have contained trade so far this year, reflecting a period of low volatility since the Organization of the Petroleum Exporting Countries (Oprc's) and other exporters agreed