Oil surged above $50 a barrel in New York for the first time since July on speculation that demand is picking up.
West
Texas Intermediate futures rose as much as 4.7 percent. A "new capital
discipline" in the industry will allow demand to catch up with supplies,
boosting prices, according to Gary Ross, founder and chairman of PIRA
Energy Group. Demand will climb more this year than previously projected
amid cheaper fuel prices, OPEC Secretary-General Abdalla Salem El-Badri
said yesterday in a statement to the International Monetary Fund.
Oil
has traded below $50 a barrel after prices slumped to a six-year low in
August amid speculation a global glut will persist through next year.
U.S. stockpiles remain about 100 million barrels above the five-year
average and the Organization of Petroleum Exporting Countries continues
to pump more than its quota.
WTI
for November delivery rose $1.62 to settle at $49.43 a barrel on the
New York Mercantile Exchange after touching $50.07. Brent for November
settlement advanced $1.85 to $53.18at 2:42 p.m. on the London-based ICE
Futures Europe exchange.
Sorce: Bloomberg
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