Brent crude tops $50 per barrel
Recent supply disruptions coupled with growing demand from China and India continue to push oil prices higher, with Brent crude pushing through $50 per barrel in London, and WTI crude just pennies shy of that level in New York.
Prices are now up about 80% from February, when they hit a 12-year low.
The latest bullish news was a greater-than-expected inventory build reported by the EIA yesterday.
The bull market may not last as producers inside of OPEC – Iran in particular – are set to increase output, and wildfire-related Canadian declines are coming to an end.
Now read: Oil pops higher on report of output freeze agreement »
Online Article Here