Crude oil rose for a fifth day on speculation demand will increase as the world economy recovers from recession.
Oil rose in New York as speculation U.S. fuel demand will increase prompted investors to buy contracts after prices fell to the lowest in four months.
Oil fell for a second day after an industry report showed U.S. crude stockpiles rose and as a federal official said Enbridge Energy Partners LP is allowed to restart a shut pipeline by the end of the week.
Oil traded near the highest level in three days in New York on signs that China’s manufacturing will expand and as stockpiles unexpectedly fell in the U.S., the world’s biggest crude user.
"There was some loss-cut trading that came into the market."
- Tetsu Emori on Jan 13, 2015