Crude Oil Surges Above $50 a Barrel for First Time Since July
- Global demand to rise more than forecast on low prices: OPEC
- New capital discipline' to allow demand to catch supply: Ross
Energy Aspects: Oil Production ‘Falling Rapidly’
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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 crude advanced 3.4 percent. 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. 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. Gains accelerated on reports that Russian cruise missiles meant for Syria landed in Iran.