West Texas Intermediate crude rose for a second day as supply and economic data prompted speculation that fuel demand will increase in the U.S., the world’s biggest oil consumer. Brent gained in London.
Futures climbed as much as 0.5 percent in New York. U.S. gasoline inventories probably fell by 900,000 barrels to 203.5 million last week, according to a Bloomberg News survey before Energy Information Administration figures today. Stockpiles dropped by 3.7 million, the American Petroleum Institute was said to have reported yesterday. Consumer confidence in the country advanced to a seven-year high in October, data from the Conference Board showed.
“Oil prices have been supported by better-than-expected economic indicators we’ve been getting from countries including the U.S. and Japan,” Hong Sung Ki, a senior commodities analyst at Samsung Futures Inc. in Seoul, said by phone today. “We can’t expect a strong rebound in oil but I’d say the sharp decline is now over.”
Bloomberg
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