Oil
steadied after its biggest rally in eight weeks in New York as the
focus shifted from rising U.S. refinery demand to the prospects for a
U.S. interest rate gain this year.
Futures
edged 0.3 percent higher after surging 6.3 percent yesterday. U.S.
refiners boosted operating rates last week, according to an Energy
Information Administration report Wednesday. Odds
the Federal Reserve will move on rates at their next meeting jumped to
50 percent from around 32 percent a week ago, based on futures prices,
after officials signaled they’re prepared to tighten. Data showed
American economic growth slowed last quarter.
Oil
failed to sustain a gain above $50 a barrel earlier this month as the
global glut showed little sign of easing any time soon. U.S. crude
stockpiles are more than 100 million barrels above the five-year
seasonal average, EIA data show. The Organization of Petroleum Exporting
Countries continues to pump above its quota and the International
Energy Agency estimates the surplus will remain until at least the
middle of 2016.
West
Texas Intermediate for December delivery increased 12 cents to close at
$46.06 a barrel on the New York Mercantile Exchange. It’s the highest
close since Oct. 16. The contract gained $2.74 on Wednesday, the most
since Aug. 31. The volume of all futures traded was 3.2 percent above
the 100-day average at 2:56 p.m.
Source: Bloomberg
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