NYMEX surges in Asia, Brent tops $50

On Thursday, oil held revenues in Asia, with Brent hitting $50 and investors being cautious ahead of an OPEC gathering next week in Vienna.   

In New York, June delivery WTI crude futures gained 0.65%, trading at$49.88 per barrel. Brent oil futures acquired 0.72%, being worth $50.10.     

Representatives from the 13-nation crude cartel aren’t supposed to reach a deal on a comprehensive output freeze during the gathering in Vienna, because Iran is still eager to increase its production to reach 2007 pre-sanction levels.

Overnight, on Wednesday, oil futures tested $50 a barrel, the value hit in mid-October, right before closing near session-peaks as ongoing declines in domestic output compensated a sudden soar in American gasoline inventories last week.

On the Intercontinental Exchange, Brent crude July delivery futures fluctuated between $48.91 and $49.68 per barrel, before ending up at $48.62, showing a 0.56% leapt on the day.

Both the international as well as American benchmarks of oil have gained more than 14% since April’s OPEC negotiations.   

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