Oil above $50 a barrel for first time in 2016

Oil has surged about 80 per cent since dropping to the lowest since 2003 in January

Brent crude rose above $50 a barrel for the first time in more than six months as a drop in US stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut.

Futures rose as much as 0.8 per cent in London to the highest intraday price since November 4, after climbing 2.9 per cent the previous two sessions. US inventories slid by 4.23 million barrels last week, exceeding an expected drop of 2 million.

Attacks in Nigeria have cut production to a 20-year low and Venezuela is struggling to maintain output amid power cuts, while producers in Canada are beginning to restart oil-sands operations halted by wildfires.

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