13:12 GMT22 June 2021
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    Brent crude rose above $50 per barrel early on Thursday morning, for the first time since November 2015.

    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 this Dec. 22, 2014 file photo, an Iranian oil worker makes his way through Tehran's oil refinery south of the capital Tehran, Iran.
    © AP Photo / Vahid Salemi, File
    Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 because of global oil production outpacing global demand. Since the 12-year low registered in January, oil prices have rebounded more than 75 percent.

    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.

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    Tags:
    oil production, oil prices, OPEC, US Energy Information Administration (EIA)
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