Breaking : Oil prices inch higher after hitting five-month lows

Oil prices edged up slightly today in volatile trading. Brent crude futures rose 14 cents, or 0.2%, to $61.15 a barrel at 17:10 GMT, while the US West Texas Intermediate (WTI) contract for November delivery, set to expire on today, gained 8 cents, or 0.1%, to $57.60.

Both benchmarks had fallen to their lowest levels since early May on Monday, as record US output and OPEC’s decision to continue with planned supply increases fueled expectations of a global surplus