Glut warnings fail to dull OPEC rise

THE oil bulls are back in the shop as the major oil markers surged above $45/barrel overnight, the fastest rise this year, while futures rebounded from a three-month low as rumblings from Saudi Arabia again raised the prospect of action to stabilise markets, though the International Energy Agency says there is no end in sight to the oversupply.

Oil has now gained around 10% in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut, while in the US there has been an increased drawdown