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Oil Breaches $50 as Worldwide Energy Demand Outlook Brightens

  • IEA and OPEC separately lift global consumption projections
  • U.S. benchmark climbs above the key 200-day moving average
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Oil Price Can Sustain Above $50, Says Iaccino

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Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.

Futures jumped 1.2 percent in New York, and closed just 11 cents shy of the $50 mark. Two of the most influential organizations in world oil markets -- the International Energy Agency and OPEC -- nudged their demand forecasts higher, signaling continued erosion of a global glut that has weighed on prices.