Crude oil climbed to a new six-month high at more than $62/bbl as the US dollar gained on early trading.

Oil rallied off early lows on a higher than expected $54.9, up from an expected $42.6.

The Organization of Petroleum Exporting Countries (Opec) basket of 12 reference crudes gained $0.16 to $58.71/bbl on 26 May.

Opec is to meet on 28 May in Vienna, and it is widely expected there will be no adjustment of the group’s production quotas.

According to Saudi Arabian Oil Minister Ali al-Naimi there is no reason to cut production below the present output target of 24.8 million b/d for the 11 members, excluding Iraq.

By staff writer