Oil markets have increased on the back of a fourth consecutive weekly fall in US crude inventories.

However, growing production stemmed further rise in prices, according to Reuters.

US West Texas Intermediate (WTI) crude futures jumped 17 cents, or 0.3%, to trade at $56.77 a barrel.

Brent crude futures, regarded as the international benchmark for oil prices, registered an upward growth of 0.6%, amounting to a rise of 40 cents, trading at $62.84 a barrel.

In the week of 8 December, US crude oil stockpiles fell by 5.1 million barrels to 442.99 million barrels.

“The discovery of a crack in an onshore portion of the Forties Pipeline System disrupts over 400,000bpd of UK oil production.”

Meanwhile, traders attributed the spike in Brent prices to reports suggesting a possible move by OPEC, Russia and other non-OPEC producers to extend output cuts beyond the current arrangement of curbs until the end of next year.

Earlier this week, Brent crossed the $65 a barrel mark to the highest since June 2015, following the shutdown of Forties pipeline in the North Sea due to cracks.

Barclays bank was quoted by the news agency as saying: “The discovery of a crack in an onshore portion of the Forties Pipeline System disrupts over 400,000bpd of UK oil production and removes one of four streams that serve as the physical benchmark for ICE Brent futures.”

Despite the shutdown, the International Energy Agency has noted that the existing circumstances do not warrant its intervention as the market remains well supplied.

Increasing US oil output has added to the challenges faced by the oil markets in addressing the supply glut.