Total

(Bloomberg) — Total SA Chief Executive Officer Christophe de Margerie said recent gains in oil prices reflect market anticipation of a supply shortfall within five years rather than current demand.

Oil has advanced 60 percent this year in New York on signs the global economy may be on the brink of a recovery, boosting consumption of fuels. Crude dropped 70 percent in the second half of 2008 from its $147.27-a-barrel peak. The contract for October delivery traded at $71.12 at 11:40 a.m. local time today.