Crude Oil Closes at Ten-Month High as Market Seen Rebalancing
- Bloomberg commodity index at highest level since October
- OPEC members ‘basically happy’ with price recovery: analyst
Abu Dhabi's Al Mansoori: Oil Can Reach $60
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Crude closed at the highest level in more than 10 months in New York on signs the global glut is contracting more quickly than projected.
West Texas Intermediate oil rose 2.2 percent to $49.69 a barrel. Investors are buying commodities on speculation the Federal Reserve will hold off from raising interest rates this month, which will weaken the dollar and bolster interest in raw materials priced in the currency. Eni SpA said 65,000 barrels a day of crude output was halted Friday after a militant attack in Nigeria.