Oil tops $50 a barrel for first time in 7 months

Brent crude oil has topped $50 a barrel for the first time in almost seven months. This comes as the Organisation of Petroleum Exporting Countries (OPEC) says it has no plans to cut production at next week’s gathering in Vienna, according to reports from a so-called “Pre-OPEC Meeting.” OPEC officials agreed that the oil market is already balancing itself. New data has revealed that US crude stockpiles fell by more than 4 million barrels last week, a larger-than-expected drop. Energy stocks outperformed on the back of this continued recovery in oil prices. Global benchmark Brent futures rose 34 cents or about 0.6% to as high as $50.08 per barrel, the highest level since early November.