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Brent Trades Above $50 for 1st Time in 6 Months as Supplies Drop
Brent crude rose above $50 a barrel for the first time in more than six months as a drop in U.S. stockpiles accelerated a rebound from a 12-year low after global disruptions trimmed the market’s glut. Futures rose as much as 0.7 percent in London to the highest intraday price since Nov. 4, after climbing 2.9 percent the previous two sessions. U.S. inventories slid by 4.23 million barrels last week, exceeding an expected drop of 2 million. Attacks in Nigeria have cut production to a 20-year low and Venezuela is struggling to maintain output amid power cuts, while producers in Canada are beginning to restart ... (full story)