Oil regains $50 as dollar weakens

11:20, 26 May 2016
45 0

Brent crude traded above $50 a barrel for the first time since November amid a retreat in the dollar, according to Bloomberg.

REUTERS

Crude oil rallied after data showed U.S. stockpiles declined more than forecast at a time when output is shrinking in Nigeria and Venezuela, Bloomberg reports.

Brent crude rose 0.7% to $50.09 a barrel as of 07:23 London time. U.S. inventories declined by 4.23 million barrels last week, exceeding an expected drop of 2 million, data showed Wednesday. In addition, attacks in Nigeria have cut the nation's production to the lowest in more than two decades and Venezuela is struggling to maintain output amid power cuts.

Read alsoThe Gulf Times: OPEC signals greater oil glut in 2016 as its output surgesThe final preparatory gathering of Organization of Petroleum Exporting Countries officials before a ministerial meeting next week didn't include discussions on limiting output, signaling the group will stick with its strategy of defending market share.

If you see a spelling error on our site, select it and press Ctrl+Enter