Crude oil futures crossed what analysts called a “psychological barrier” this week, surpassing $50 per barrel for the first time in seven months. Via Reuters, oil prices have rebounded as a global supply glut has begun to recede. The ongoing wildfires in Canada and violence in Nigeria and Libya have led to cuts in production. Analysts believe $50 oil could lead some U.S. shale producers to restart operations that they have shut down amid the oil price collapse that began in the fall of 2014.
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