Read more: Hurricane Energy whips up a storm with "significant" North Sea oil find

Brent still trading at its highest levels since mid-2015 and has rallied around 20 per cent since November 29, the day before a major Opec deal was announced. Brent LCOc1 futures gained 11 cents, or 0.2 percent, to settle at $55.16 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained seven cents, or 0.1 percent, to settle at $53.02, its highest close since July 2015.
As new Libyan production comes on line, the world price of crude oil falls below $55 a barrel.