NEW YORK: Oil prices in New York rose above $50 a barrel on Thursday for the first time since June, boosted by lower US petroleum inventories.
The drop in US oil inventories in Wednesday’s weekly US report added to momentum after last week’s OPEC announcement of an output cut.
Near 1300 GMT, US benchmark West Texas Intermediate for delivery in November was at $50.26 a barrel, up 39 cents in intraday trade.
