Crude oil rose in New York as the dollar climbed and before a report that will probably show that U.S. fuel supplies declined. Oil rebounded after slipping as much as 1 percent as the U.S. currency rose against the euro for the first time in three days. An Energy Department report tomorrow will probably show that supplies of gasoline and distillate fuel, a category that includes heating oil and diesel, declined last week, according to a Bloomberg News survey.
“Everything we have been seeing can be pegged to what’s happening in the equities and the dollar,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. Attention is now shifting to the weekly supply reports, he said.
Crude oil for December delivery rose 31 cents to $79.21 a barrel at 12:24 p.m. on the New York Mercantile Exchange after dropping as low as $78.14. Prices are up 78 percent this year.....Read the entire post.
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