Brent crude oil has risen above $50 per barrel for the first time in six months, according to online sources.
Global oil production has seen a cut which has caused a trim in the world-wide oil glut.
Reasons for the slow-down in production include a drop in US stockpiles by 4.23 million barrels per week and wild fires in Canada’s oils sands region, reports IOL.
Unrest in Nigeria and power cuts in Venezuela have also affected oil production.