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 United States data on Thursday showing that oil inventories had fallen, largely due to supply disruptions following fires in Canada, the BBC reports. Brent crude has now risen 80 per cent since it hit 13-year lows of below $28 a barrel at the start of the year.
U.S crude oil inventories fell by 4.2 million barrels to 537.1 million barrels in the week to May 20, according to U.S Department of Energy data. Read more