WTI crude oil quickly rises to the highest since May

Oil up $63-cents to $51.29

Oil is trading at an 8 month high after OPEC and non-OPEC partners said in Vienna that the market is on track to rebalance.

Russia joined in the call to say the oil market is rebalancing.

Outside of that, US refinery demand has picked up and that’s helping to narrow the spread between Brent and WTI. The story there is largely the recovery from the US hurricanes.

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