Oil prices have risen above $50 a barrel on Wednesday due to concerns over Brazilian and Libyan supply.

Brent and US futures for December delivery traded at $50.59 and $47.93 respectively, Reuters reported.

JBC Energy analysts told the news agency: "While a few days of even 500,000 barrels per day of lost supply are clearly not an issue, a sustained outage of this magnitude heading into December when refinery runs reach a seasonal high could be a reasonably bullish factor."

"This is set to ease concerns over economic weakness as manufacturing fades.

A private survey revealed that stronger new business led to an expansion of activity in China’s services sector in three months in October.

This is set to ease concerns over economic weakness as manufacturing fades.

An increase in the US crude stocks last week is expected to weigh on sentiment later in the session.

The American Petroleum Institute data released on Tuesday revealed that in the week to 30 October, crude stocks increased by an estimated 2.8 million barrels to 479.9 million.

Investors are watching for inventory data to be released by the US Department of Energy’s Energy Information Administration later today.