The price of oil rose sharply as the CEO of Royal Dutch Shell said he expects crude demand will grow faster than supply this year. Benchmark U.S. crude rose $2.37 to close at $51.21 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.39 to close at $57.05 in London.
Oil has recovered since falling 60 percent in the past seven months. It went as low as $45 a barrel at the end of January. The rebound is encouraging investors who had worried that the slump was signal of a slowing global economy.