U.S. Oil Prices Rise Above $50 a Barrel for First Time This Year
The price of oil rose above $50 a barrel as declines in U.S. oil inventories raised hopes the glutted market was inching toward a better balance.
On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 1% at $50.05 a barrel. U.S. oil prices had not been above $50 since November. Brent crude, the global oil benchmark, rose 1.2% to $50.34 a barrel on London's ICE Futures exchange.
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