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Oil jumps to 5-month high on forecasts that glut will recede

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices rose on Thursday, with Brent briefly touching a five-month high, a day after the International Energy Agency (IEA) forecast the market would continue to tighten as fuel demand increased. Brent crude futures were up 56 cents, or 1 percent, at $55.72 a barrel by 12:16 p.m. EDT (1616 GMT). The session high for the global benchmark was $55.99, its highest since April 13. The contract remained in technically overbought territory for a second day in a row.U.S. West Texas Intermediate, meanwhile, was up 84 cents, or 1.7 percent, at $50.14 per barrel, ...

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First Published: Thu, September 14 2017. 22:37 IST