Oil prices have risen above $50 a barrel for the first time in 2016 due to supply disruptions and a decline in crude inventories in the United States.
The new milestone represents an almost doubling of prices since 12 year lows in January and a return to levels seen in November last year.
Around 1 million barrels a day of output has been knocked out in Canada this month after wildfires hit production. Militant activity in Nigeria has also reduced output by 40 per cent to 1.4 million bpd, according to the Financial Times.
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