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Crude oil prices come above US$50 a barrel for first time since July 2015



It has been nearly a year since oil cost more than US$50 a barrel.



10.Jun.16 3:02 AM
By Anastasia Sutulova
Photo Toinnov.com

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Crude oil prices come above US$50 a barrel for first time since July 2015
The July benchmark contract for West Texas Intermediate crude went up 67 cents and amounted US$50.36 Tuesday. It has been nearly a year since oil settled above the US$50 mark.

Crude prices have been increasing during the past weeks due to several factors, including the wildfires in Fort McMurray, leaving Canada without half of its total oilsands production, and militant attacks on pipeline infrastructure in Nigeria.

Taking into account that oil went as low as US$26.21 a barrel in February, Tuesday’s rise can be considered as very spectacular breakthrough.



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