Oil rose for a fourth day in New York as Asian equities climbed on signs of renewed equipment purchases by factories and businesses, boosting traders’ expectations of increases in fuel demand. U.S. durable goods orders, not including volatile transportation items, increased a more-than-expected 2 percent in August. Capital equipment purchases rebounded 4.1 percent after falling in July, the Commerce Department said Sept. 24. “The durable goods orders reflect a bit more of a buoyant manufacturing sector and that’s been a pivot point for the economy over the last six to 12 months,” said David Taylor, an analyst at CMC Markets in Sydney. Crude for November delivery was at $76.74 a barrel, up 29 cents, on the New York Mercantile Exchange at 2:15 p.m. Singapore time. The contract earlier climbed as much as 36 cents, or 0.5 percent, to $76.85, the highest since Sept. 14. Oil rose $1.31, or 1.7 percent, to $76.49 a barrel on Sept. 24 as the dollar fell to its lowest level against the euro since April 20, boosting the appeal of commodities for investors. Brent crude oil for November settlement climbed as much as 28 cents to $79.15 on the London-based ICE Futures Europe exchange, and was at $78.98. The contract gained 76 cents, or 1 percent, to end the session at $78.87 on Sept. 24. The price difference between Brent and West Texas futures in New York for November has narrowed to $2.24 a barrel today from $3.45 a week earlier. Equities Climb Asian stocks gained, driving the MSCI Asia Pacific Index to a five-month high, as a bigger-than-estimated increase in U.S. capital-goods orders bolstered optimism exports to the world’s largest economy will rise. The MSCI Asia Pacific Index climbed 1.1 percent to 126.83, set to close at the highest level since April 27. Hedge funds and other market speculators reduced their bets that crude oil prices would climb. The net-long positions held by money managers declined by 16,286 contracts, or 13 percent, to 106,323 for the week ended Sept. 21, the U.S. Commodity Futures Trading Commission said in its weekly Commitment of Traders report. Hedge funds also increased bets to the highest level in six weeks that diesel prices will climb as U.S. exports to Europe doubled for the industrial and transportation fuel. Bullish wagers on heating oil, a proxy for diesel, climbed by 58 percent in the week ended Sept. 21, the CFTC said. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net To contact the editor responsible for this story: Jane Lee at jalee@bloomberg.net.

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