Newsclip®: [Business] Oil hits 2016 peaks on falling US output

"LONDON: Oil hit this year's highest levels on Wednesday following news of lower US production, and as wildfires in Canada's oil sands region also helped to reduce a global supply glut. At about 1540 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June soared to $48.95 per barrel -- the highest level since mid-October 2015.Brent North Sea crude for July delivery hit $49.85, which had not been reached since early November.`The price of oil remained volatile as Brent crude a",

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