Oil rose in New York, extending the biggest gain in six weeks, amid concern OPEC may reduce output in response to the International Energy Agency’s move to release oil stockpiles.
Oil fell, extending its biggest one- day drop in seven weeks in London, on concern slowing U.S. economic growth will reduce demand and after the International Energy Agency said its members will sell oil from reserves.
Crude advanced after a government report showed Chinese refineries ran at record rates last month, signaling oil demand will continue to increase in the world’s largest energy user.
Crude oil declined in New York for a second day amid evidence that demand is falling in the U.S., the world’s largest energy consumer.
Oil climbed in London after European economic data indicated demand may be recovering in the region, easing concern that oil prices near their highest in more than two years may be hurting growth.
Crude oil rebounded from its lowest level in more than six weeks as equity markets advanced, spurring confidence that the economy is improving and fuel demand will recover.
Crude oil advanced in New York as rising equity markets and forecasts of declining U.S. inventories signaled growing demand for fuel.
"People are worried that the U.S. and Europe could slip back in recession."
- Roland Stenzel on Sep 23, 2011