Oil Climbs Above $50 as OPEC Seen Prolonging Curbs Next Week
- All but one analyst surveyed sees OPEC extending output cuts
- Dollar drops to lowest since November, boosting commodities
U.S. Crude Inventories Have Already Hit Peak This Cycle
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Oil rose back above $50 a barrel to a one-month high on growing confidence that OPEC will maintain its efforts to diminish a global glut.
Futures advanced 2 percent in New York, capping the biggest weekly gain since March. The Organization of Petroleum Exporting Countries and its allies will probably prolong their agreement at least until the end of the year, according to a Bloomberg survey of analysts this week. Oil was also boosted by a weakening dollar headed for its steepest weekly slide since July, boosting the appeal of commodities as a store of value.