Crude oil rose in New York on optimism fuel demand will increase amid improved prospects for an economic recovery in the U.S., the biggest energy consumer. Oil extended its rally to an eighth day amid forecasts the worst U.S. employment slump since World War II may have almost ended in December. Cold U.S. weather has increased demand for distillates, a category of products that includes heating fuels. “There are further indications that the recovery is progressing,” Ben Westmore, a minerals and energy economist at National Australia Bank in Melbourne, said today. The decline in distillate product supplies is “looking good,” he said. “The market is expecting further draw downs. Hopefully we see that this week.”
Crude oil for February delivery rose 48 cents, or 0.6 percent, to $79.84 a barrel on the New York Mercantile Exchange at 10:44 a.m. Sydney time. It closed at $79.36 on Dec. 31. Prices touched a 2009 low of $32.70 a barrel on Jan. 20 as the recession reduced demand, and reached as high as $82 on Oct. 21, partly because a weaker dollar bolstered the investment appeal of commodities, including gold. Futures climbed 78 percent last year and tripled over the past decade.....Read the entire article.
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