OPEC freeze unlikely with oil above $50/bbl

By Peter Stewart 3 June 2016

Oil prices cleared $50 per barrel this week, reducing the pressure on OPEC to agree to freeze production levels when the group meets in Vienna on Thursday. 

The front-month North Sea Brent futures contract reached a high of $50.05/bbl on the ICE exchange on Tuesday, the first time the international benchmark grade has traded above the psychologically important $50/bbl level since November 2015.