Oil prices rose to a four-month high on Wednesday, boosted by optimism that production cuts have brought down global inventories as demand remains steady. Light, sweet crude for October delivery settled up 93 cents, or 1.9%, to $50.41 a barrel on the New York Mercantile Exchange, the highest close since May 24. The October contract expired on Wednesday, and the more actively traded November contract rose 79 cents, or 1.6%, to $50.69. Brent, the global benchmark, gained $1.15, or 2.1%, to $56.29. Investors have become more optimistic about the oil market’s prospects recently amid signs of tighter balance between supply and demand in the global market. “Everything is basically falling into place for the last quarter of the year,” said Peter Cardillo, chief market economist at First Standard Financial. “Today’s close signals that $55 oil is not that far away.” U.S. refiners continued to ramp up operations as the […]