Reuters
Singapore
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week.
Brent LCOc1 had climbed 38 cents to $50.12 a barrel by 0648 GMT, its highest since Nov. 4. It ended the previous session up $1.13, or 2.3 percent.
U.S. crude futures CLc1 rose 33 cents to their strongest since Oct. 12 at $49.89 a barrel, after settling the last session 94 cents higher.
"Geopolitical issues in West Africa and the Middle East, supply outages, increased demand and maybe a touch of a weaker dollar have all helped push prices higher," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. "I don't think the rally will last because prices will reach a level that will bring U.S. shale oil output back into the market," he added.
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