Oil Rises on Speculation of Additional Stimulus, Irene Threat
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Crude oil increased on speculation Federal Reserve Chairman Ben S. Bernanke will announce more stimulus and as Hurricane Irene threatened to shut refineries on the U.S. East Coast.
Prices rose on anticipation Bernanke will announce a third round of quantitative easing at Jackson Hole, Wyoming, tomorrow. Irene is the strongest Atlantic storm to threaten the U.S. since 2005. The East Coast has 10 operating refineries that can process 1.21 million barrels of oil a day, accounting for 7.1 percent of the country’s capacity.