Oil
rose the most this month after a government report showed U.S. crude
inventories declined as refineries bolstered operating rates.
Stockpiles
slipped 2.1 million barrels last week, according to the Energy
Information Administration. Refineries increased operating rates for the
first time since July, and supplies of gasoline and distillate fuels
surged. Stocks of oil exploration and production companies rallied,
while those of refiners fell.
Oil
has fluctuated since slumping below $40 a barrel last month as concern
that China’s growth was slowing fueled volatility in markets
West
Texas Intermediate for October delivery rose $2.56, or 5.7 percent, to
settle at $47.15 a barrel on the New York Mercantile Exchange. It was
the highest close and biggest one-day gain since Aug. 31. Volume was 42
percent above the 100-day average at 2:55 p.m.
Brent
for November settlement climbed $2, or 4.2 percent, to end the session
at $49.75 a barrel on the London-based ICE Futures Europe exchange.
Source: Bloomberg
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