Oil Rises to Three-Week High on Fed Stimulus Bets, Inventories
This article is for subscribers only.
Oil surged to its highest level in three weeks as the dollar weakened before a Federal Reserve meeting tomorrow which will probably signal a new round of unconventional monetary easing.
Crude gained a second day before a government report forecast to show that U.S. supplies of diesel and heating oil are at their lowest level since July. U.S. stockpiles of distillate fuels probably declined 1 million barrels last week, according to a Bloomberg News survey before tomorrow’s Energy Department report. Consumers are happy with oil between $70 and $90 a barrel, said Ali al-Naimi, Saudi Arabia’s oil minister.