MOSCOW (Sputnik) – At around 04:30 Moscow time (01:30 GMT), Brent crude futures were at the $50.02 per barrel mark, having gone up 0.28 percent.
In Wednesday intraday trade, Brent crude hit a high of $49.96 per barrel. It last crossed the $50 threshold on November 27, when it hit $50.05.
According to Bloomberg, brent for July settlement climbed 34 cents to $50.08 a barrel on the London-based ICE Futures Europe exchange and was at $50.06 at 9:30 a.m. Hong Kong time (01:30 GMT).
In April, OPEC and major non-OPEC oil producers failed to agree on freezing oil output at January levels to shore up prices after Saudi Arabia backed out of the deal. Bloomberg reported on Wednesday that possible crude output limits were not discussed at a preparatory gathering held in Vienna ahead of the June 2 OPEC meeting.
US Energy Information Administration (EIA) administrator Adam Sieminski told Sputnik earlier this month that oil prices would reach some $50 by the end of the current year.