Oil Dips After Hitting $50/bbl as Glut Worries Resurface

NEW YORK, May 26 (Reuters) - Oil prices hit $50 a barrel on Thursday for the first time in seven months, then bounced below that level and settled lower on the day as investors worried robust price gains could encourage more output and add to the global glut. Wildfires in Canada's oil sands, unrest in the Nigerian and Libyan energy sectors, and a near economic meltdown in OPEC member Venezuela have knocked out nearly 4 million barrels per day in immediate production, sparking a buying frenzy in crude futures - See more at: http://www.rigzone.com/news/oil_gas/a/144764/Oil_Dips_After_Hitting_50bbl_as_Glut_Worries_Resurface#sthash.E9YaJJRk.dpuf