Oil Gains in New York; Set for Biggest Quarterly Drop Since 2008 - BusinessWeek

Sept. 30 (Bloomberg) -- Oil rose in New York, paring the steepest quarterly drop since 2008, as investors speculated U.S. fuel demand will increase on signs the economy of the world’s biggest crude user is expanding faster than estimated.

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Futures climbed for a second day after reports showed U.S. gross domestic product last quarter and jobless claims last week beat forecasts. West Texas Intermediate’s discount to European Brent oil narrowed for a sixth day, the longest streak since March 2010.

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Crude for November delivery gained as much as $1.09, or 1.3 percent, to $83.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $82.94 at 3:55 p.m. Sydney time. Oil is down 7 percent this month. It has fallen 13 percent this quarter, the biggest decline since the three months ended Dec. 31, 2008.

Oil Gains in New York; Set for Biggest Quarterly Drop Since 2008 - BusinessWeek