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Crude Oil Prices Top $50 a Barrel For 1st Time in 6 Months

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Crude oil prices topped $50 a barrel on two key indexes Thursday for the first time since November.

Brent Crude, the global benchmark, was trading at $50.38 a barrel Thursday morning. The West Texas Intermediate futures, another key benchmark, was trading at $50.10 a barrel.

Crossing the $50 mark breaks down a psychological barrier for traders who have worried about oil prices in recent months as the price of crude has dipped at times below $30 a barrel. But analysts warn the rebound could be temporary if the spike in prices leads to increased oil production.

Prices have risen in part due to a slowdown in production in Canada where a wildfire looms near oil production facilities as well disruptions to the supply from Nigeria.

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Write to Justin Worland at justin.worland@time.com