Brent oil prices near $50, driven by global outages

International Brent crude benchmark crawled closer to $50 a barrel on Wednesday as outages in Africa and Canada and production declines outside of the Middle East region fuelled expectations of a tighter supply market.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June CLM6, -0.50%  traded at $48.47 a barrel, up $0.16 in the Globex electronic session. July Brent crude LCON6, -0.69%  on London’s ICE Futures exchange rose $0.10 to $49.39 a barrel. Brent prices were last above $50 in November 2015.

“While $50 sounds high today, this time two years ago it was about $100. I continue to believe from now going into 2017 dips should be bought as the market rebalances,” said Stuart Ive, a client manager at the Wellington-based OM Financial.

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