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Oil+prices+top+%2450+for+the+first+time+in+2016
Sunday, 29 May 2016 - 13:27
Oil prices top $50 for the first time in 2016
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The price of crude oil popped over 50 Dollars a barrel last week for the first time this year, bolstered by declines in US stockpiles, gradually rising global consumption and steady declines in U.S. shale oil production.

Both the US benchmark grade of oil, West Texas Intermediate, and the international benchmark Brent grade rose just above 50 Dollars in trading.

The bounce marks a reversal from earlier this year, when the price of the West Texas Intermediate benchmark grade of crude oil plunged below 27 Dollars a barrel in early February.

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