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Price of oil has gone above $50 per barrel

  • For the first time in 2016, the price of oil has gone above $50 per barrel. As per reports, in the Asian trade the benchmark Brent crude price was $50.7 per barrel. The rise followed US data on Thursday which showed that oil inventories had fallen. This was largely because of the supply disruptions following the deadly wildfires in Canada. Brent crude has now risen 80%.