Oil Prices Soar Over $50 A Barrel For First Time In 2016
The price of premium crude oil has surged over $50 a barrel for the first time this year in Asian trading, giving a boost to the economies of oil producers from Russia and Kazakhstan to Iran and Iraq./ The steep climb of Brent North Sea oil prices from as low as $27 at the beginning of the year came despite Iran's ramping up of its oil output to presanction levels near 4 million barrels a day, and the failure of OPEC, Russia, and other major producers to agree on a production freeze this year. Analysts attribute the unexpected recovery in ...
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