Hasan Jamali / AP

The price of Brent crude hit $50.07 a barrel in Asian trading on Thursday, the first time this year it has crossed $50. The rise was attributed to a decline in U.S. inventories and supply disruptions caused by the wildfires in Alberta, the Canadian province.

Earlier this year, oil prices touched $28 per barrel, a 13-year low, but they have steadily risen since then as Russia, a major oil producer, and OPEC, the oil-producing cartel, began discussing a possible production freeze. The Fort McMurray wildfires in Alberta, a major oil-producing region, have also hurt oil supplies.

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