Here’s Why Oil Is Having Such a Good Week

Oil prices are within arm's reach of $50 a barrel in early trading on Friday. Prices for West Texas Intermediate, the U.S. benchmark for crude, started the week off at $47 a barrel and eclipsed $48 on Friday amid supply interruptions in various regions. 'There's a long list of outages,' said Michael Ingram, a market analyst with BGC Partners, based in London, adding that Canadian wildfires in recent weeks have taken 1 million barrels off the table a day and violence in Nigeria has also removed 600,000 daily barrels from the market. 'We also had news that U.S. production slid to the lowest level since September 2014.' Though he said a few factors are on the horizon that may interrupt the rally, as the Canadian outages are temporary and the upcoming OPEC meeting in early June may spawn additional volatility. TheStreet's Scott Gamm has details from Wall Street.