News
Oil Headed For A 2016 High
Oil broke $50/barrel today amid a weaker dollar and ongoing supply disruptions.
US crude rose 0.7% to $50.02/barrel, while Brent, the global benchmark, hit $50.91/barrel—both are on track to settle at highs for the year, the Wall Street Journal reports.
Prices have nearly doubled since their 13-year low in early 2016 as supply outages in Nigeria and Canada, along with decreased spending on new drilling, have helped stem the supply pipeline.
The rebound in oil prices can’t come soon enough for real estate’s most oil-dependent market, Houston, where the office market, once buoyed by energy companies stockpiling empty space, is sinking as low oil prices hold those firms back from expanding into their unfilled square footage. [WSJ]
