Oil rose above $50 a barrel in New York for a third day, a level it hasn’t closed above since July, as OPEC officials predicted that global crude markets will recover. West Texas Intermediate futures climbed as much as 1 percent after advancing 9 percent last week. Demand will grow and non-OPEC supply is due to contract, Abdalla Salem El-Badri, the secretary-general of the Organization of Petroleum Exporting Countries, said at a conference in Kuwait City on Sunday. Prices have bottomed and there are signs of a recovery in 2016, according to Qatar’s Energy Minister Mohammed Al Sada. Oil rose above $50 a barrel in New York on Oct. 8 for the first time since July, yet failed to settle above that mark on speculation the crude surplus will persist. U.S. oil explorers idled rigs for a sixth week as they struggle with low prices, data from Baker Hughes […]