Oil rose from the lowest level in almost four months in New York on speculation that demand will soon rebound after Atlantic superstorm Sandy made landfall on the U.S. East Coast. Futures gained after the storm came ashore in southern New Jersey late yesterday and drove floodwaters to life-threatening levels in a region with 60 million residents. Phillips 66, Hess Corp., NuStar Energy LP and PBF Energy Inc. reduced refinery operations because of Sandy. Crude oil for December delivery rose 14 cents to settle at $85.68 a barrel on the New York Mercantile Exchange. Yesterday’s settlement of $85.54 was the lowest since July 10. Prices are down 13 percent this year. Floor trading was suspended for a second day on the Nymex because of the storm, CME Group Inc., the exchange’s owner, said. Prices were little changed after the industry-funded American Petroleum Institute reported oil inventories climbed 2.12 million barrels last week to 371.7 million. Oil was up 10 cents at $85.64 a barrel in electronic trading at 4:33 p.m. New York time.
GOLD
Gold advanced for the first time in three sessions on speculation that plans announced by Japan to stimulate economic growth will boost demand for the precious metal as an inflation hedge. The Bank of Japan, after a policy meeting, announced an expansion of its asset-purchase program by 11 trillion yen ($138 billion) to 66 trillion yen. Gold surged 11 percent in the third quarter as central banks from Europe to China to the U.S. pledged more stimulus to boost economies. Gold futures for December delivery rose 0.2 percent to settle at $1,712.10 an ounce at 1:34 p.m. on the Comex in New York, extending this year’s gain to 9.3 percent.
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Oil And Gold Analysis: October 31, 2012
Published 10/31/2012, 05:04 AM
Updated 04/25/2018, 04:40 AM
Oil And Gold Analysis: October 31, 2012
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