Brent Oil Climbs to More Than $50 per Barrel

Brent Oil Climbs to More Than $50 per Barrel

On Thursday, Brent oil futures scaled more than the$50 mark per barrel for the first time in almost seven months. It got a push after the figures from the U.S. government revealed a more than expected drawdown last week in the crude stocks.

The oil prices were also supported by the upbeat stock markets as the Dow Jones industrial average, the S&P 500 and the Nasdaq Composite, all scaled overnight.

Brent LCOc1 had ended the earlier session $1.13 or 2.3 percent up and climbed 31 cents to $50.05 per barrel by 0225 GMT. That was its highest since November 4, 2015.

Even the U.S. crude futures scaled 23 cents to reach its highest since October 12 at $49.79 per barrel. In its last session it had settled 94 cents higher.

Ric Spooner, chief market analyst at Sydney's CMC Markets said "Certainly ($50) is a psychological barrier. There is a momentum, people will try and push it up over that. (From a) practical point of view will there or will there not be a sustainable increase above $50? At the $50-$55 range there has got to be a good chance of seeing the peak."

According to him there was still an oversupply of oil in the global market even as the demand has increased with a supply disruption caused by Canadian wildfires and violence that broke out in Libya and Nigeria.

Business: 
General: 

Popular Stories

Researchers record baby humpback whales 'whispering' to their mothers

Revealing a previously unknown survival technique... Read More

Waymo offering free rides to people in its self-driving minivans

Google Inc.’s self-driving car unit Waymo is... Read More

AT&T releasing updates for Galaxy S8, Galaxy S8 Plus

U.S. network provider AT&T is reportedly... Read More

Mobile phones can cause brain tumours: Italian court rules

In a landmark ruling, an Italian court has... Read More

Duluth to host ‘March for Science’ on Saturday

Duluth’s nonpartisan “March for Science” will be... Read More

Americans are more distressed than ever before: study

A new study has revealed that more Americans than... Read More