Oil prices begin to rally

Oil prices steadied yesterday, pausing for breath after coming under pressure over the past month from rising production in the US, Libya and Nigeria, which has taken the edge off an Opec-led initiative to support the market by cutting production.

Brent crude futures were trading 9c higher at $47.46 per barrel.

US West Texas Intermediate (WTI) crude futures were 7c higher at $44.81 per barrel.