Tags: US | economy | oil | recovery

Oil Rises a Second Day Amid Optimism of US Economic Recovery

Sunday, 12 Sep 2010 07:50 PM

 

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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.


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