Fri | Jan 19, 2018

Oil back above US$50 per barrel

Published:Wednesday | June 8, 2016 | 12:00 AM

The price of oil closed above US$50 a barrel for the first time in almost a year, pushing oil stocks higher.

The Dow Jones industrial average briefly flirted with the 18,000-point mark but eventually retreated.

Benchmark US crude oil added 67 cents, or 1.3 per cent, to close at US$50.36 a barrel in New York. Oil has not closed at US$50 a barrel or higher since July 21. Brent crude, which is used to price international oils, added 89 cents, or 1.8 per cent, to US$51.44 a barrel in London.

In other energy trading, heating oil added four cents to US$1.54 a gallon and natural gas gained one cent to US$2.47 per 1,000 cubic feet.

The Dow held on to a gain of 18 points to 17,938.28. Earlier, the Dow was up as much as 82 points and appeared to be on track for its highest close since last July.