New ceiling: A worker walks past refining towers and pipework at a deep oil processing and refining complex in Pancevo, Serbia. There are reasons to think US$50 could be oil’s ceiling for now. — Bloomberg
NEW YORK: Brent crude topped US$50 a barrel last week for the first time since March, a milestone for an oil market that’s been grinding its way back out of a deep slump for months.
Things aren’t back to normal yet, but the positive signals are proliferating. The enormous glut of fuel that accumulated this year on everything from tiny barges to giant supertankers is being steadily depleted.
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