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Brent Oil Pushes Above $50 for First Time in Nearly 7 Months

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Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week.

Brent had climbed 34 cents to $50.08 a barrel by 0520 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.

U.S. crude futures rose 31 cents to their strongest since Oct. 12 at $49.87 a barrel, after settling the last session 94 cents higher.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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