Oil Price Moves Above $50 First Time in 2016

The price of oil has gone above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.

The benchmark Brent crude price hit $50.07 a barrel in Asian trade.

The rise followed us data on Thursday showing that oil inventories had fallen, largely due to supply disruptions following fires in Canada.

Brent crude has now risen 80% since it hit 13-year lows of below $28 a barrel at the start of the year.

Talks in recent months between OPEC and Russia about freezing oil production had already helped prices recover.

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