Oil entered a bull market, extending the longest advance in more than a year in New York on speculation major oil producers may act to curb output and as U.S. crude and gasoline inventories declined.
Futures climbed 3.1 percent in New York and Brent closed above $50 a barrel in London for the first time since July 4. OPEC is on course to agree to an output-freeze because its biggest members are pumping flat-out, said Chakib Khelil, the group’s former president. U.S. crude supplies fell the most in five weeks through Aug. 12, while fuel stockpiles slid a third week, Energy Information Administration data show.
