Crude prices closed higher Friday, reversing earlier losses as a stronger U.S. dollar failed to subdue optimism over a tightening market. U.S. crude for December settled up 22 cents, or 0.4%, at $50.85 a barrel on the New York Mercantile Exchange, after trading as low as $50.21 earlier in the session. Brent, the global benchmark, rose 40 cents, or 0.8%, at $51.78 a barrel. The recent oil price rally, triggered by the Organization of the Petroleum Exporting Countries announcement in September of plans to implement a production cut, has stalled this week as investors have taken profits and await more news on fundamental supply and demand. An oil pumpjack in the Permian Basin oil field in Andrews, Texas. “The market’s taking more of a ‘show-me’ attitude,” said Gene McGillian, an analyst at Tradition Energy, which has “taken some of the luster off of the rally.” A stronger dollar, which […]