Oil prices today settled above $76 a barrel following a 2% drop yesterday after low US growth and data depicting a large amount of crude inventories indicated weak US demand.

In the week to 20 November, crude oil stocks in the US increased by 3.3 million barrels, eclipsing the forecast of 1.2 million barrels, according to Reuters.

For January delivery, US crude increased by 39 cents to $76.41 a barrel at 6.39am GMT, while London Brent crude increased by 50 cents to $76.96.

Crude oil prices have more than doubled compared with last December’s $33 price.