Mubasher: Oil prices saw another rise after data showed a decline in US crude stocks.

By 4:05 GMT, the price for West Texas Intermediate (WTI) or (Nymex) futures went up by 1.3% to $49.3 per barrel (pb), while Brent Crude futures increased by 1.5% to $52.4 pb.

According to the the US Energy Information Administration (EIA), crude oil inventories went down by 1.8 million barrels to 520 million barrels in the week that ended on 12 May, and gasoline inventories fell by 400,000 barrels.