Receive Breaking News updates as they occur
By Karolin Schaps LONDON (Reuters) - Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months on signs that a global supply glut is easing, one week ahead of an OPEC meeting. Oil bulls have been eyeing the $50 target in recent weeks and a larger-than-expected draw in U.S. crude oil inventories, indicating buyers are starting to mop up spare supply, has fueled buying. U.S. government data showed on Wednesday that crude stocks fell by 4.2 million barrels in the week ended May 20, much steeper than the 2.5 million barrels forecast by analysts in a Reuters poll and the biggest drop in seven weeks.
South Korea said Tuesday it had chosen US conglomerate General Electric (GE) over a European competitor as the preferred bidder to supply engines for a multi-billion dollar fighter jet project. "Our plan is to finalise a contract in June," a spokesman at the Defense Acquisition Program Administration (DAPA) told AFP. GE Aviation was chosen over a European Eurojet consortium that included Rolls-Royce Holdings and MTU Aero Engines AG.