Crude oil settles above US$50 a barrel for first time for the reason that July 2015

The price of oil has settled above US$50 a barrel for the first time in almost a yr.

The July benchmark contract for West Texas Intermediate crude closed Tuesday at US$50.36, an increase of sixty seven cents from the day past.

That’s the primary time oil has settled above the usa$50 mark due to the fact last July.

 “$50 is a large mental hurdle for crude oil, and it’s one that it’s been bumping up towards for more than one weeks now,” stated Colin Cieszynski, leader market strategist at CMC Markets Canada.

“to look it damage via is very encouraging and suggests that there's sufficient assist to maintain carrying crude oil better.”

In February, oil settled as little as US$26.21 a barrel.

“It’s a quite magnificent circulate in a fairly highly short time frame,” Cieszynski said.

Canada’s economic system has been hit hard by way of a fast and deep decline in worldwide oil expenses that began in late 2014.

Crude costs have regularly risen in latest weeks because of several elements, such as the wildfires in fort McMurray, Alta., which at one point may additionally have taken out as tons as half of of Canada’s total oilsands production, consistent with a few estimates. those operations have regularly commenced to come back lower back on line.

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