Oil prices march past $50 amid signs of U.S. inventory falls

Crude oil prices scaled beyond the $50 mark early Wednesday, as supply disruptions in Nigeria and likely declines in the U.S. crude inventories and production fuelled bullish sentiment.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +0.14%  traded at $50.52 a barrel, up $0.16, or 0.3%, in the Globex electronic session, after settling above $50 for the first time since July. August Brent crude LCOQ6, -0.04%  on London’s ICE Futures exchange was up $0.10, or 0.2%, to $51.54 a barrel.

The jump is largely driven by the ongoing supply disruption in Nigeria, where militant group Niger Delta Avengers has vowed to shutter the country’s oil operation. Multiple attacks on key pipelines and facilities have reduced Nigeria’s daily oil output to around 1 million barrels.

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