Crude oil breaks $50 barrier

Brent crude – the global benchmark for oil – broke through the $50-a-barrel mark for the first time since November, boosted by a fall in U.S. stockpiles by 4.2 million barrels to 537.1 million

Brent crude ($ per barrel)

20 30 40 50

2015 Oct Nov Dec 2016 Jan Feb Mar Apr May

Oct 8: Oil rises to $53:05

Dec 10: Oil falls below $40 due to growing supply glut

Jan 20: $27:88. IEA warns market could “drown in oversupply”

Feb 16: $32:18. Saudi Arabia, Russia, Qatar and Venezuela reach tentative deal to freeze production at January levels

Feb 23: $33:27. Saudi Arabia’s oil minister says production cuts will not happen

Apr 18: $42:91. Saudi-Iran tensions scupper deal to freeze output

May 26: $50.05

Sources: Bloomberg, Investing.com.