By Christian Schmollinger March 26 (Bloomberg) -- Crude oil rose in New York onexpectations fuel demand will recover after equity marketsclimbed on signs the global economy is stabilizing.
Stock markets climbed after a U.S. Commerce Departmentreport yesterday showed an unexpected increase in orders fordurable goods, the first in seven months. Oil stockpiles at Cushing , Oklahoma, the delivery point for New York-tradedfutures, fell 2.2 million barrels, the most since October 2007,the Energy Department said yesterday. Overall U.S. oilinventories gained. “There is still a sense of optimism in the overallmarkets,” said Victor Shum , a senior principal at consultantsPurvin & Gertz Inc. in Singapore. “Even though the crude oilbuild is very significant and bearish in that sense, there aresome elements of hope there. The crude oil levels in Cushinghave actually dropped and inferred gasoline demand has risen.” Crude oil for May delivery rose as much as 60 cents, or 1.1percent, to $53.37 a barrel on the New York Mercantile Exchange.It was at $53.27 a barrel at 1:04 p.m. Singapore time. Pricesare up 20 percent this year.
Full Story: Oil Rises as Equity Gains May Lead to Recovery in Fuel Demand - Bloomberg
Stock markets climbed after a U.S. Commerce Departmentreport yesterday showed an unexpected increase in orders fordurable goods, the first in seven months. Oil stockpiles at Cushing , Oklahoma, the delivery point for New York-tradedfutures, fell 2.2 million barrels, the most since October 2007,the Energy Department said yesterday. Overall U.S. oilinventories gained. “There is still a sense of optimism in the overallmarkets,” said Victor Shum , a senior principal at consultantsPurvin & Gertz Inc. in Singapore. “Even though the crude oilbuild is very significant and bearish in that sense, there aresome elements of hope there. The crude oil levels in Cushinghave actually dropped and inferred gasoline demand has risen.” Crude oil for May delivery rose as much as 60 cents, or 1.1percent, to $53.37 a barrel on the New York Mercantile Exchange.It was at $53.27 a barrel at 1:04 p.m. Singapore time. Pricesare up 20 percent this year.
Full Story: Oil Rises as Equity Gains May Lead to Recovery in Fuel Demand - Bloomberg
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