Oil rises to $50
Oil rose to $50 on Thursday as the market focussed on a large draw in US distillates inventories and stronger equity markets, shrugging off crude stocks at a 16-year high and a grim US economic outlook.
Oil rose toward $50 a barrel on Friday, rebounding from a three and half year low and buoyed by rallies in Europe and Asian equities on talk that China may cut interest rates later in the day.