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| Oil is above $50 for the first time in nearly 6 months as supplies drop | |
| (35 minutes later) | |
| Brent crude rose above $50 a barrel for the first time in more than six months as a drop in US stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut. | Brent crude rose above $50 a barrel for the first time in more than six months as a drop in US stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut. |
| Futures rose as much as 0.8 per cent in London to the highest intraday price since Nov. 4, after climbing 2.9 per cent the previous two sessions. | |
| US inventories slid by 4.23 million barrels last week, exceeding an expected drop of 2 million. | US inventories slid by 4.23 million barrels last week, exceeding an expected drop of 2 million. |
| Attacks in Nigeria have cut production to a 20-year low and Venezuela is struggling to maintain output amid power cuts, while producers in Canada are beginning to restart oil-sands operations halted by wildfires. | Attacks in Nigeria have cut production to a 20-year low and Venezuela is struggling to maintain output amid power cuts, while producers in Canada are beginning to restart oil-sands operations halted by wildfires. |
| Brent has surged about 80 per cent since dropping to the lowest since 2003 in January on signs the global oversupply will ease. | Brent has surged about 80 per cent since dropping to the lowest since 2003 in January on signs the global oversupply will ease. |
| The final preparatory gathering of the Organization of Petroleum Exporting Countries officials before a ministerial meeting next week didn’t include discussions on limiting output, signaling the group will stick with its strategy of defending market share. | The final preparatory gathering of the Organization of Petroleum Exporting Countries officials before a ministerial meeting next week didn’t include discussions on limiting output, signaling the group will stick with its strategy of defending market share. |
| “The immediate driver is a good draw on US crude stockpiles, helping to nudge the price up a bit further,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. | “The immediate driver is a good draw on US crude stockpiles, helping to nudge the price up a bit further,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. |
| “The market hasn’t had any bad news to knock it off its perch but the price is likely to struggle if it gets into the $50s. There is still quite a bit of inventory around.” | “The market hasn’t had any bad news to knock it off its perch but the price is likely to struggle if it gets into the $50s. There is still quite a bit of inventory around.” |
| Brent for July settlement climbed as much as 40 cents to $50.14 a barrel on the London-based ICE Futures Europe exchange and was at $50.10 at 1:55 pm. Hong Kong time. The contract increased $1.13 to $49.74 on Wednesday. The global benchmark crude was at a premium of 22 cents to West Texas Intermediate, the U.S. marker grade. | Brent for July settlement climbed as much as 40 cents to $50.14 a barrel on the London-based ICE Futures Europe exchange and was at $50.10 at 1:55 pm. Hong Kong time. The contract increased $1.13 to $49.74 on Wednesday. The global benchmark crude was at a premium of 22 cents to West Texas Intermediate, the U.S. marker grade. |
| For a story on spending cuts by companies because of lower prices, click here. | For a story on spending cuts by companies because of lower prices, click here. |
| WTI for July delivery climbed as much as 37 cents to $49.93 a barrel on the New York Mercantile Exchange. | WTI for July delivery climbed as much as 37 cents to $49.93 a barrel on the New York Mercantile Exchange. |
| The contract gained 94 cents to $49.56 on Wednesday. Total volume traded was about 32 percent below the 100-day average. Prices are up about 90 percent from a February low. | The contract gained 94 cents to $49.56 on Wednesday. Total volume traded was about 32 percent below the 100-day average. Prices are up about 90 percent from a February low. |
| US crude production dropped for an 11th week to 8.77 million barrels a day, the lowest level since September 2014, the Energy Information Administration reported Wednesday. Stockpiles at Cushing, Oklahoma, the delivery point fr WTI and the nation’s biggest oil-storage hub, fell by 649,000 barrels. |