By Daniel Hunter

Oil prices have fallen again after the US government said its stocks were higher than expected.

The price of Brent crude oil fell 1.2% to $56.24 a barrel, and US crude oil fell 0.4% below $50.

The Energy Information Administration figures showed that US oil stocks unexpectedly grew by 2.5 million barrels last week - it compares to an expected fall of 2.3 million barrels.

Oil prices have fallen by more than half over the past year. In June 2014, Brent crude cost $115 per barrel, but it fell as low as $40 before Christmas.

Over supply has widely been credited as the reason behind the fall.