West Texas Intermediate crude rose for a second day after U.S. employers added more workers than projected in February, bolstering optimism about the economy. The WTI-Brent spread narrowed.
Hedge funds increased their bullish bets on West Texas Intermediate oil to a record as rising flows of domestic crude to Gulf Coast refineries cut demand for more costly foreign grades.
West Texas Intermediate crude rose for the first time in three days on speculation that inventories at Cushing, Oklahoma, fell last week. The price of Brent gained.
West Texas Intermediate crude increased to a four-month high on speculation that inventories at Cushing, Oklahoma, dropped for a third week.
Hedge funds became the most bullish on U.S. crude oil in more than five months as a new pipeline from Oklahoma to Gulf Coast refineries eased a supply bottleneck, driving prices above $100 a barrel.
Copper rose to a two-week high in New York after European economic growth topped analysts’ estimates, bolstering optimism that demand may rise. Tin headed for the biggest gain in almost four months.
West Texas Intermediate crude climbed after a U.S. government report showed that stockpiles of distillate fuel dropped for a fourth week because of cold weather in the world’s biggest oil-consuming country.
Natural gas futures slid to a two- week low in New York, capping the second straight weekly decline, as the outlook for milder weather signaled easing heating-fuel demand.
West Texas Intermediate crude rose to a three-week high after a report showed that U.S. distillate supplies tumbled as cold weather bolstered heating demand.
Hedge funds boosted their bullishness on crude oil by the most in six months as the U.S. economy grew and frigid weather bolstered demand for heating fuel.
"We're pretty close to where we started the week but have seen a lot of volatility."
- Tim Evans on Mar 07, 2014
Citi Futures’ Evans Discusses Energy Markets
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