MW: Oil futures gain on higher equities, storm brewing
By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Crude-oil futures vied to snap a two-day losing streak on Wednesday, rising as equities found firmer footing and as another storm has developed and could hit the Gulf of Mexico, the heart of the U.S. oil and gas industry, in the next few days. Tropical Storm Lee caused platform and rig evacuations over the weekend and halted most production. Crude for October delivery CL1V +1.76% added $1.58, or 1.8%, to $87.60 a barrel on the New York Mercantile Exchange. Reports that President Barack Obama could propose a $300 billion package to boost jobs helped lift U.S. stocks in early trading.
