Crude rose the most in a month on forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries and as Americans went to the polls to pick a president. Futures climbed to a two-week high after a Bloomberg survey showed supplies of the motor fuel probably decreased 1.5 million barrels last week. Hess Corp. and Phillips 66’s New Jersey refineries remained shut after Sandy. U.S. voters decide today whether to return Barack Obama, a Democrat, as president or elect his challenger, Mitt Romney, a Republican.
Crude oil for December delivery advanced $3.06, or 3.6 percent, to $88.71 a barrel on the New York Mercantile Exchange, the biggest gain since October 4 and the highest settlement since Oct. 22. Prices are down 10 percent this year. Prices were little changed after the American Petroleum Institute reported U.S. oil inventories slid 27,000 barrels to 371.7 million last week. Gasoline stockpiles gained 1.38 million to 201 million barrels. December oil advanced $2.75, or 3.2 percent, to $88.40 a barrel in electronic trading.
GOLD
Gold jumped the most in seven weeks, tracking gains in equities and commodities, on speculation that the U.S. will take additional measures to spur economic growth, regardless of the winner in today’s presidential election. Gold futures for December delivery rose 1.9 percent to settle at $1,715 an ounce on the Comex in New York, the biggest gain for a most-active contract since September 13. Prices are up 9.5 percent this year, heading for a 12th straight annual gain as the Federal Reserve keeps interest rates at record lows to spur growth.
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Crude Rises Most In A Month After Forecasts Of A Drop In US Supplies
Published 11/06/2012, 02:04 PM
Updated 04/25/2018, 04:40 AM
Crude Rises Most In A Month After Forecasts Of A Drop In US Supplies
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