Brent crude surpasses $50 per barrel for first time in 2016

Brent crude oil price suppassed 50 U.S. dollars per barrel on Thursday for the first time in 2016 after data overnight showed a fall in U.S. crude inventories.

At around 0200 GMT, Brent North Sea crude for July delivery was up 32 cents at 50.06 dollars, while U.S. benchmark West Texas Intermediate (WTI) was trading 28 cents higher at 49.84 dollars.

In Wednesday intraday trade, Brent crude hit a high of 49.96 dollars per barrel. It last crossed the 50-dollar threshold on Nov. 27, when it hit 50.05 dollars.

Oil prices have plunged more than 60 percent from their peak of over 110 dollars per barrel in June 2014 as global oil production has outpaced global demand. Since the 12-year low registered in January, oil prices have rebounded more than 75 percent.

Source: XINHUA