Oil prices reach $50 per barrel for first time in seven months

Oil prices reach $50 per barrel for first time in seven months

Friday, May 27, 2016 by Katie Woods

Brent crude and U.S. West Texas Intermediate (WTI) hit the $50 per barrel mark May 26. Prices haven’t been this high for seven months.

CNBC reports that at intraday trading, Brent crude oil sat at $50.51 before falling to $49.70 at 12:44 p.m. U.S. crude futures were at $50.51 before falling slightly to $49.48.

Several factors, including wildfires in Canada, Venezuela’s economic situation and unrest in Nigeria, have resulted in a loss of 4 million barrels per day of oil on the market.

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