WTI Crude Rises to Four-Day High
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West Texas Intermediate crude climbed to the highest level in a week amid speculation that U.S. fuel demand is increasing and the Federal Reserve may signal that interest rates will stay low. Brent gained to a two-week high in London.
Futures climbed as much as 1.6 percent in New York. U.S. gasoline inventories probably dropped for a third week last week, according to a Bloomberg survey before Energy Information Administration figures today. The Federal Reserve’s Federal Open Market Committee will release a statement today at the end of a two-day meeting. As much as 50 percent of so-called tight oil output is at risk at current price levels, OPEC Secretary-General Abdalla El-Badri said today in London.