Crude Oil Climbs Back Above $50 a Barrel

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enchmark light sweet crude oil futures touched a two-month low of $49.03 a barrel Monday before rising to close at $50.92, Bloomberg reported.

The price was up $1.20 from Friday's close, which had been the first time oil had closed under $50 a barrel on the New York Mercantile Exchange since mid-February, Bloomberg reported.

Algeria's oil minister told reporters in Washington Monday that global fuel demand remained "very strong," Bloomberg said. And supply might not keep up with demand in the fourth quarter, he told Bloomberg.

OPEC nations were scheduled to load 0.7% more oil in the four weeks ending May 16 than the previous four weeks, which may have prompted the earlier decline, Bloomberg said.

Crude oil had set an intraday record April 4, topping out at $58.28 a barrel, and had held in the mid-$50s range for most of the month.

In the past month, diesel and gasoline have each set four all-time record high prices, following crude’s surging prices.