Oil Rises on Forecast Supply Decline as Storm Threatens Gulf
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Crude oil climbed the most in four weeks in New York as a weather system threatened to reduce U.S. production from the Gulf of Mexico, where shut-ins from last week’s storm probably curbed stockpiles.
Futures rose 3.9 percent as the disturbance in Mexico’s Bay of Campeche strengthened. The Energy Department may report that inventories fell 2 million barrels last week as Tropical Storm Lee shut output, according to a Bloomberg News survey. Oil also rose on speculation President Barack Obama will announce plans for more than $300 billion in measures to boost the economy.