Oil breaks above $50 for the first time since February

Oil breaks above $50 for the first time since February

Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County, Texas, November 25, 2019.Angus Mordant | ReutersU.S. West Texas Intermediate crude futures, the U.S. oil benchmark, broke above $50 on Tuesday for the first time since February. The move higher marks a steady comeback for oil prices after the coronavirus pandemic and subsequent demand loss sent futures prices tumbling, and briefly into negative territory last April.WTI last traded $2.23, or 4.68%, higher at $49.85 per barrel, after earlier trading as high as $50.05. International benchmark Brent crude gained $2.07, or 4.05%, to trade at $53.16 per barrel.The move higher came as oil-producing nations met to discuss February output, with Reuters reporting that OPEC+ is set to hold output steady in February, citing multiple people with knowledge of the matter. Tensions in the Middle East also drove prices higher."Away from the OPEC+ poker table, the oil market found a helping hand in the Middle East, where tensions are flaring again," said Bjornar Tonhaugen, head of oil markets at Rystad Energy. "Iran seizing a tanker creates, again, instability in the region and questions are raised again over the reliability of the oil transport Gulf sea