Oil prices hover around $50 a barrel as investors mull OPEC, supply data

Brent crude, the international benchmark, bobbed at the $50 barrel mark on Friday as traders weighed their options between the upbeat U.S. oil data, the resumption of Canadian oil production and the Organization of the Petroleum Exporting Countries’ decision not to impose a production ceiling.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +0.02%  recently traded flat at $49.15 a barrel in the Globex electronic session. August Brent crude LCOQ6, +0.00%   on London’s ICE Futures exchange was unchanged at $50.03 a barrel.

Overnight, Brent settled above $50 for the first time since November after the weekly U.S. crude inventories and production data by the Energy Information Administration showed steady declines.

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