Oil prices on both side of the Atlantic have pushed above $50 a barrel for the first time this year as investors weigh the impact of supply disruptions and US figures showing a decline in crude inventories.
ICE July Brent crude rose as much as 1 per cent to $50.51 a barrel on Thursday in London and US benchmark West Texas Intermediate also topped $50, rising 0.7 per cent to $50.21. They later pared gains and dropped below $50 a barrel.
Michael Wittner, analyst at Société Générale, said: “We expect global crude markets to continue to be driven by supply disruptions, especially in Nigeria and Canada.”
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