Thursday's rally was triggered by many factors, including the drop in US crude stockpiles, colder weather ahead in the Northeast US, a possible supply disruption from Iraq and the production cuts by Organization of Petroleum Exporting Countries.
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Crude Moves To $50
Crude oil prices climbed more than $2 on Thursday
Crude oil prices climbed more than $2 on Thursday to their highest level in six weeks, almost reaching $50 a barrel, as traders were concerned about the supply disruptions.
US light crude was up $2.03 (4.5 per cent) to $48.40 a barrel on the New York Mercantile Exchange. London?s IPE Brent crude rose $1.62 to $45.30, while US heating oil gained more than 3.4 per cent.
Thursday's rally was triggered by many factors, including the drop in US crude stockpiles, colder weather ahead in the Northeast US, a possible supply disruption from Iraq and the production cuts by Organization of Petroleum Exporting Countries.
Thursday's rally was triggered by many factors, including the drop in US crude stockpiles, colder weather ahead in the Northeast US, a possible supply disruption from Iraq and the production cuts by Organization of Petroleum Exporting Countries.
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