Oil Rises as Traders Buy In After Biggest Drop in Two Months - Bloomberg

By Grant Smith and Christian Schmollinger Sept. 25 (Bloomberg) -- Oil rose as some traders viewedthis week’s slump as excessive, providing an opportunity to buycontracts before rising demand triggers a rebound.

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Crude oil is nonetheless heading for its biggest weeklydrop since July after plunging 4.5 percent yesterday on signsthat the economic recovery is failing to draw down brimming U.S.fuel stockpiles. U.S. inventories of heating oil and otherdistillate fuels are at their highest in 26 years. “The fundamentals support prices in a $67 to $73 range,and since we’re now below that, I wouldn’t expect it to dropmuch further,” said Andy Sommer, an analyst at Elektrizitaets-Gesellschaft in Dietikon, Switzerland. “That’s the range wewould expect for the rest of the year.” Crude oil for November delivery rose as much as 81 cents,or 1.2 percent, to $66.70 a barrel on the New York MercantileExchange, and traded at $66.29 at 10:25 a.m. in London. Futuresare down 8 percent this week, headed for the biggest declinesince July 10.

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