Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output - Bloomberg

By Ben Sharples and Ann Koh May 29 (Bloomberg) -- Crude oil headed for its biggestmonthly gain in a decade after OPEC kept its output unchangedamid signs the global economy is recovering.

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Oil has gained 28 percent in May as equities rose and theU.S. dollar weakened, spurring demand for commodities. Japansaid today that its industrial output climbed the most in atleast six years in April, improving the outlook for a rebound infuel demand. “Oil has followed equities primarily because investorshave cash on hand on the sidelines,” Victor Shum , a seniorprincipal at Purvin & Gertz Inc., said in Singapore. “They arecounting on some of the positive economic indicators, and areplacing bets.” Crude oil for July delivery rose as much as 36 cents, or0.6 percent, to $65.44 a barrel on the New York MercantileExchange. It was at $65.40 at 2:46 p.m. in Singapore. Yesterday,the contract gained $1.63, or 2.6 percent, to settle at $65.08 abarrel, the highest since Nov. 5.

Full Story: Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output - Bloomberg