Oil climbed as supply disruptions in Libya, increased tensions in the Middle East and an OPEC statement stressing its commitment to stabilising prices ushered bulls back into the market.
West Texas Intermediate rose 3.3 per cent to settle near $US73 on Wednesday (Thursday AEDT) amid the many bullish developments. Brent crude was 3.4 per cent higher to $US78.44 late in New York’s trading day.
