WTI and Brent Crude oil prices have both broken above $50 for the first time since October 2015 this morning – almost doubling off its Feb 11th 26.05 lows. The immediate catalyst appears to be a combination of inventory drawdowns in US crude, continud US production cuts, and further supply disruptions (Nigeria specifically), none of which scream demand or growth is going to make a dent in the glut.
July WTI tops $50…