Crude Oil Trades Near Two-Week High on Optimism Fuel Demand to Increase - Bloomberg

Oil rose to a two-week high after data showed renewed equipment purchases by U.S. factories and businesses. Durable goods orders , not including volatile transportation items, increased a more-than-expected 2 percent in August. Capital equipment purchases rebounded 4.1 percent after falling in July, the Commerce Department said Sept. 24.

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Crude for November delivery was at $76.86 a barrel, up 37 cents, on the New York Mercantile Exchange at 8:54 a.m. London time. The contract earlier climbed as much as 39 cents, or 0.5 percent, to $76.88, the highest since Sept. 14. Brent crude oil for November settlement rise 23 cents to $79.10 on the London- based ICE Futures Europe exchange. Oil rose $1.31, or 1.7 percent, in New York to $76.49 a barrel on Sept. 24 as the dollar fell to its lowest level against the euro since April 20, boosting the appeal of commodities for investors.

Crude Oil Trades Near Two-Week High on Optimism Fuel Demand to Increase - Bloomberg