Oil prices pass $50 for the first time in 2016

Brent up 80% from January lows

Oil prices have passed $50 a barrel for the first time this year as supply disruptions, improving US sentiment, and increasing global demand fuel a recovery.

According to the BBC, the benchmark Brent crude price hit $50.07 a barrel in Asian trade today, a rise of 80% since hitting 13-year lows of below $28 a barrel in January. US crude oil inventories also fell by 4.2m barrels to 537.1m barrels in the week to 20 May, according to the US Department of Energy and yesterday the oil price climbed 56 cents to a seven-month high of $49.18. Prices have risen as a result of a unexpected drop in supply as a result of events such as wildfires in Canada, which cut production by around 1m barrels a day, and militant action in Nigeria which has also im...