Oil Rises Amid Concern That OPEC Spare Capacity Will Tighten
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Oil edged higher in New York and surged the most in almost two weeks in London amid speculation that an increase in OPEC production quotas will reduce spare capacity and cause tight supplies when demand rebounds.
New York futures climbed 8 cents, erasing declines in the last 90 seconds of trading. Brent gained more than $2 a barrel after a Gulf delegate with knowledge of the matter said OPEC members agree on the need to raise output. The U.S. raised its forecast for global oil consumption for this year.