Oil rallied from five and half year lows on Monday as investors bought back some of their bearish bets after Libya closed two of its oil terminals. Relentless production at US shale oilfields and output from Opec members that exceeds targets has coincided with a pullback in demand amid a weaker global economy, helping to send the price of oil more than 40 per cent lower since mid-June. More On this topic IN Commodities After trading at $60 a barrel on Monday, ICE January Brent – the international oil benchmark – recovered to stand $1.25 higher at $63.10 a barrel on Monday morning as traders absorbed the impact of the shutdowns in Libya. On the other side of Atlantic, Nymex January West Texas Intermediate rose 72 cents to $58.52. US crude closed below $60 for the first time in five and half years last week. Heavy fighting between forces […]