Gasoline rose in New York on speculation that stimulus from central banks will improve economic growth and boost demand for fuel.
The motor fuel climbed as much as 1.7 percent after the Financial Times reported that Spanish and European Union officials are working on plans to trigger bond purchases by the European Central Bank.
“There is expectation that there will be continued quantitative easing from central banks around the world to improve economic prospects,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. There is also “optimism that Europe will resolve the Spanish debt crisis.”
Gasoline for October delivery rose 3.01 cents, or 1 percent, to $2.9341 a gallon at 9:27 a.m. on the New York Mercantile Exchange.
Regular gasoline at the pump slipped for a seventh consecutive day, dropping 1.3 cents to $3.833 a gallon yesterday, AAA data show. Prices reached a 2012 high of $3.936 on April 4.
October-delivery heating oil rose 1.88 cents, or 0.7 percent, to $3.1163 a gallon a gallon on the exchange.
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