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National & World Ag News Headlines |
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Oil Prices Near $50 Per Barrel
USAgNet - 05/26/2016
Oil rose toward $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in U.S. inventories.
According to Reuters, a series of outages around the world, such as wildfires in Canada and a spate of violence in Nigeria's oil-producing region, has helped cut global oil supply by nearly 4 million barrels per day this month.
Although these hitches are temporary, they have contributed to a drop in the supply glut that has plagued the market for nearly two years.
Brent crude futures LCOc1 were up 59 cents at $49.20 a barrel by 1128 GMT, while U.S. crude futures CLc1 rose 52 cents to $49.14 a barrel.
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