Crude Oil Rises to Five-Month High as Market Seen Rebalancing
- Demand, supply may be close to blanace by year end: BP CEO
- U.S. crude supply seen rising 1.75 million barrels in survey
The Long- and Short-Term Challenges Facing Oil Markets
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Oil closed at the highest level in more than five months in New York amid signs that a global surplus is gradually diminishing.
Futures rose 3.3 percent. BP Plc Chief Executive Officer Bob Dudley, who in February joked that swimming pools might be needed to hold the global oil surplus, said Tuesday markets may re-balance by year-end. U.S. crude supplies probably expanded by 1.75 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday.