Oil Rally Gushes On, Brent Crude Hits $50 a Barrel on Lower Supplies

Brent crude tops $50 a barrel for the first time since November.
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Brent crude tops $50 a barrel for the first time since November. The gains came after bullish inventory data released by the U.S. Department of Energy showed a 4.2 million barrel reduction in oil stocks. Analysts polled by the Wall Street Journal had expected a decrease of 2.5 million barrels. Takata hired investment bankers to seek a cash infusion and negotiate with automakers over the ballooning costs it faces for rupture-prone airbags. The problem airbags have been linked to 11 deaths and 100 injuries worldwide. The Wall Street Journal says the company hopes to find a financial investor or automotive company to provide more cash, and reach a deal with car makers on sharing the costs of the recall. Costco (COST) - Get Report  says sales were flat, mostly due to gas prices. It said the wage boost for workers implemented in March pushed its total operating expenses by 2.5% in the quarter.