* Berkshire investment in Bank of America boosts equities * Investors await Bernanke speech on Friday in Wyoming * Coming up: EIA natgas data, 10:30 a.m. EDT Thursday NEW YORK, Aug 25 (Reuters) - U.S. crude futures rose on Thursday, extending gains when stock futures climbed after Warren Buffett's Berkshire Hathaway Inc agreed to invest $5 billion in Bank of America Corp . U.S. stocks rose at the open in New York. Before that, crude futures had edged up on support from the drop in crude stocks reported by government on Wednesday and investor hopes that the Federal Reserve chief will indicate plans for more stimulus in a speech on Friday. U.S. crude stocks fell, though gasoline and distillate stocks rose last week, according to government data released on Wednesday. Investors all week have been positioning themselves ahead of a speech by U.S. Federal Reserve Chairman Ben Bernanke on Friday at an annual gathering of bankers, academics and others in Jackson Hole, Wyoming. Hurricane Irene, a Category 3 storm on the Saffir-Simpson scale, is pounding the northwestern Bahamas and is projected to hit the North Carolina coast, the U.S. National Hurricane Center said. FUNDAMENTALS * On the New York Mercantile Exchange, October crude rose $1.23, or 1.4 percent, to $86.39 a barrel by 9:36 a.m. EDT (1336 GMT), trading from $84.93 to $86.56. * Warren Buffett's conglomerate Berkshire Hathaway will invest $5 billion in Bank of America , stepping in to shore up the bank in the same way he helped prop up Goldman Sachs during the financial crisis. * New U.S. claims for jobless benefits rose last week, lifted by striking workers at Verizon Communications, according to government data. * Abu Dhabi National Oil Co (ADNOC), the main exporter for OPEC member the United Arab Emirates, will supply Murban crude at 5 percent below contracted volumes in October, unchanged from the previous month. * Rebel forces began to purge Tripoli's streets of gunmen still loyal to fugitive Muammar Gaddafi in a battle for the Libyan capital. MARKETS NEWS * Gold extended losses, falling as much as $200 from Tuesday's record high, as investors cashed in gains in the metal after the CME Group hiked trading margins for the precious metal for a second time this month. * World stocks rose on expectations the Fed will commit to bolstering the economy if needed. * The euro rallied from the New York session low against the dollar as investors embraced risk after Berkshire Hathaway said it would invest $5 billion in Bank of America . UPCOMING DATA/EVENTS * U.S. Energy Information Administration natural gas storage data at 10:30 a.m. EDT (1430 GMT) on Thursday. * U.S. Commodities Futures Trading Commission positions data at 3:30 p.m. EDT (1930 GMT) on Friday. 9:36 LAST NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 86.39 1.23 1.4% 84.93 86.56 63,341 353,947 CLc2 86.79 1.26 1.4% 85.35 86.93 13,946 70,865 LCOc1 111.34 1.19 1.1% 110.00 111.45 72,144 204,406 RBc1 2.9400 0.0616 2.1% 2.8795 2.9450 5,364 29,005 RBc2 2.8029 0.0471 1.7% 2.7542 2.8075 16,296 47,520 HOc1 2.9940 0.0333 1.1% 2.9607 2.9986 3,834 30,476 HOc2 3.0009 0.0322 1.1% 2.9679 3.0062 10,779 54,225 * NYMEX crude oil for October rose $1.23 to $86.39 a barrel by 9:36 a.m. in volume of 63,341 lots.

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