Light, sweet crude for December delivery gained $1.10, or 2%, to $55.64 a barrel on the New York Mercantile Exchange, the highest level since July 2015. Brent, the global benchmark, also rose to another two-year high, settling up $1.45, or 2.4%, to $62.07 a barrel. The oil market has rallied as investors have been reassured by a decline in crude inventories and strong rhetoric from Saudi Arabia supporting the deal among the Organization of the Petroleum Exporting Countries and other major producers to stick with supply cuts . Last year, OPEC, along with several other countries including Russia, agreed to cut production by 1.8 million barrels a day to alleviate the global overhang of crude that dragged down prices. Traders are looking ahead to the cartel’s official meeting in Vienna on Nov. 30, to see if producers extend the deal beyond March 2018. An Iraqi flag on a military […]