Oil Climbs to $50

Brent crude gained 2% to reach $50 in trading on Friday afternoon. Earlier in the week, Brent futures were trading at $46 range. The rise in prices is attributed to IEA’s lowering its forecast for crude supplies outside OPEC, saying prices could recover. In late afternoon in New York, Brent was at $49.86.

Still oil markets will post loss for the week, capping the longest weekly losing streak since March 1986, or nearly 28 years.