Tags: US | economy | oil | recovery

Oil Rises a Second Day Amid Optimism of US Economic Recovery

Sunday, 12 Sep 2010 07:50 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Oil rose for a second day in New York amid optimism demand for fuel will strengthen because of improved prospects for an economic recovery in the U.S., the world’s biggest crude consumer.

Futures rose amid forecasts that retail sales probably gained in the U.S. during August for a second month, according to a Bloomberg News survey of economists before the Commerce Department’s Sept. 14 report. Prices increased the most in six weeks on Sept. 10 after a pipeline that carries Canadian crude to refineries in the U.S. Midwest was closed because of a leak.

The October contract rose as much as 45 cents, or 0.6 percent, to $76.90 a barrel in electronic trading on the New York Mercantile Exchange, and was at $76.85 at 8:23 a.m. Sydney time. It gained $2.20, or 3 percent, to $76.45 on Sept. 10. Prices have fallen 3.2 percent this year.

Enbridge Energy Partners LP on Sept. 9 shut its Line 6A, part of a system that can transport 670,000 barrels a day from Canada. The country is the largest source of U.S. imports, sending 2.2 million barrels a day in June, according to the Energy Department.

Brent crude oil for October settlement added 31 cents, or 0.4 percent, to $78.47 a barrel on the London-based ICE Futures Europe exchange. The contract rose 69 cents, or 0.9 percent, to $78.16 on Sept. 10.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Wash. Post: Review Finds FBI Crime Lab Unit Rife With Flawed Forensics

Tuesday, 29 Jul 2014 23:04 PM

Nearly every criminal case the FBI and Justice Department has so far reviewed since launching the largest-ever probe of  . . .

Marco Rubio: Letting Illegals Apply for Jobs Would Be a 'Lure'

Tuesday, 29 Jul 2014 22:55 PM

President Barack Obama's possible move to allow millions of illegal immigrants to apply for work in the United States wo . . .

Mike Rogers: White House 'Not Connected to Reality' on Russia

Tuesday, 29 Jul 2014 22:04 PM

The White House is not acting seriously enough on Russia's breaking of the 1987 Intermediate-Range Nuclear Forces Treaty . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved