U.S. supplies of crude oil probably fell for the first time in 11 weeks as refineries boosted operating rates and fuel production.
Gasoline futures rose as the largest oil refinery in the U.S. carried out maintenance, threatening to curtail supplies.
West Texas Intermediate crude dropped to the lowest level in almost two weeks after minutes of the Federal Reserve’s July policy meeting signaled a likely reduction in economic stimulus this year.
U.S. crude supplies probably rose last week as production increased and imports rebounded, threatening to erode prices after their biggest gain since April, a Bloomberg survey showed.
Crude oil rose after a government report showed that U.S. gasoline inventories declined as fuel consumption surged to a 16-month high.
Oil options volatility was little- changed as the underlying futures rose amid speculation that euro-area leaders will do more to fight the debt crisis.
Crude oil jumped to the highest level in four weeks as equities surged after economic reports from China, Japan and Australia indicated that the global recovery is strengthening.
Crude oil fell, capping the worst month since December 2008, after a decision by Fitch Ratings to strip Spain of its AAA credit grade pushed the euro lower.
Oil rose, capping an unprecedented eighth straight month of gains, as better-than-expected consumer spending signaled fuel demand may climb.
U.S. crude supplies probably rose a second week as imports increased and refineries operated at the lowest rate since November, a Bloomberg News survey showed.
"This is what's moving RBOB up this morning."
- Jim Ritterbusch on Nov 21, 2013