Oil Settles Near $57 as `Glut, Glut Glut' Gives Way to Tightness
- Forecast for a tight market keeps price from straying too far
- Saudi-Bahrain pipeline restarted operations after brief halt
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Traders played follow-the-bouncing-ball with oil prices close to a 2 1/2-year high after OPEC boosted its demand projections for next year.
Futures in New York fluctuated around the $57-a-barrel mark before settling little changed and just 59 cents below the Nov. 6 close that was the highest since June 2015. OPEC raised its estimates for the amount it will need to pump to meet demand next year by 400,000 barrels a day to 33.4 million a day, according to a monthly report from the group.