Oil Recovers From 8-Week Low After U.S. Inventories Drop
This article is for subscribers only.
Oil rebounded from the lowest close in almost two months and extended gains on speculation that China will take measures to stimulate its economy.
Futures rose as much as 1.6 percent in New York after falling close to technical-support levels. The Shanghai Securities News reported speculation that China’s Securities Regulatory Commission would announce 10 market-boosting measures today. Prices slid 1.5 percent yesterday, the third consecutive day of declines, over concern that the European debt crisis may worsen and derail the global economy. Spanish Prime Minister Mariano Rajoy will meet with ministers today to approve an austerity budget for next year.