Oil prices continued to rally on Thursday with Brent oil topping US$50 a barrel following data showing lower US crude stockpiles.
Brent North Sea crude for delivery in October rose US$1.04 to US$50.89 a barrel in London, its first close above US$50 in nearly two months.
US benchmark West Texas Intermediate for September delivery gained US$1.43 to US$48.22 a barrel on the New York Mercantile Exchange.
Thursday’s gains continued the upward trend in place for most of August, due in part to talk from Saudi Arabia and other producers that major oil exporters could agree to cap output next month.
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