Oil surges to US$51.82 a barrel, highest since July 2015


TORONTO — The price of oil settled at US$51.82 a barrel today, its highest level in more than a year.

December contracts for crude, which are the most heavily traded, soared US$1.20 due to several factors including signs that Saudi Arabia foresees an end to the downturn in oil prices.

The last time oil futures contracts hit such levels was on July 14, 2015, when they settled at US$53.04 per barrel.

Today”s settlement price is nearly double the lows seen earlier this year, when a barrel of crude settled as low as US$26.21 in February.

More to come.