BLBG:Oil at 4-Week High as Speculation Over U.S. Stimulus Counters Supply Gain
Oil traded near the highest in four weeks, paring the biggest monthly drop since May, as speculation the U.S. is ready to take further steps to bolster its economy countered signs fuel demand is faltering in the world’s biggest consumer of the commodity.
Crude for October delivery was at $88.94 a barrel, up 4 cents, in electronic trading on the New York Mercantile Exchange at 5:05 p.m. Sydney time after sliding as much as 55 cents.
Brent oil for October settlement was at $114.31, up 29 cents, on the London-based ICE Futures Europe exchange. The future gained for a seventh day, the longest winning streak since April. The European benchmark contract was at a premium of $25.38 to U.S. West Texas Intermediate futures, compared with a record close of $26.21 on Aug. 19.
The American Petroleum Institute yesterday said supplies rose 5.13 million barrels last week, the biggest gain since March.
To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net
