Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
THURSDAY, 24 APR 2014
04:12 PM Beirut time
Weather    
Beirut
30 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
Oil rise for first time in six days
Bloomberg
Jamaicans queue for gasoline to prepare for the arrival of Tropical Storm Sandy, predicted to be a hurricane before it reaches the island on Wednesday. (REUTERS/Gilbert Bellamy)
Jamaicans queue for gasoline to prepare for the arrival of Tropical Storm Sandy, predicted to be a hurricane before it reaches the island on Wednesday. (REUTERS/Gilbert Bellamy)
A+ A-

Oil climbed for the first time in six days in New York, ending the longest losing streak since May as Nikkei reported the Bank of Japan will add to its stimulus policies and reports signaled U.S. economic growth.

Futures gained as much as 1.2 percent after the newspaper said Japan’s central bank will consider increasing its asset-purchase program by 10 trillion yen ($125 billion) to 90 trillion yen at an Oct. 30 meeting.

Fewer Americans filed first-time applications for jobless benefits last week and durable goods orders rose in August, government reports showed.

“The rally began with the Nikkei report that the Bank of Japan may be boosting stimulus,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “The market definitely looked over-extended to the downside after falling for five days.”

Crude oil for December delivery rose 60 cents, or 0.7 percent, to $86.33 a barrel at 9:18 a.m. on the New York Mercantile Exchange. The contract settled at $85.73 Wednesday, the lowest since July 10. Prices are down 13 percent this year.

Brent oil for December settlement increased $1.10, or 1 percent, to $108.95 a barrel on the London-based ICE Futures Europe exchange. The contract declined for a seventh day Wednesday, the longest losing streak since July 2010. The European benchmark crude was at a premium of $22.62 to West Texas Intermediate oil traded in New York, up from $22.12 a day earlier.

Japan’s Economy Minister Seiji Maehara, who has been calling for more action from the central bank, said earlier this week that he may attend the meeting. He was present at the central bank’s previous gathering, the first minister to do so for more than nine years.

The U.S. Federal Reserve Wednesday said it would maintain stimulus after last month committing to a third round of bond buying to support the economy.

U.S. jobless claims decreased by 23,000 to 369,000 in the week ended Oct. 20 from a revised 392,000 the prior period, the Labor Department reported Thursday in Washington. The median forecast of 48 economists surveyed by Bloomberg called for a drop in claims to 370,000.

Demand for U.S. durable goods climbed 9.9 percent last month, a Commerce Department report showed Thursday in Washington. The median forecast of 77 economists surveyed by Bloomberg called for a 7.5 percent gain in orders.

Oil is rebounding in New York after Wednesday’s drop sent the relative strength index to the lowest level since June 28. Crude climbed from a nine-month low in June when the RSI slid below 30, signaling overselling.

 
A version of this article appeared in the print edition of The Daily Star on October 26, 2012, on page 5.
Home Middle East
 
     
 
oil prices / Japan / Oil & Gas
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Thursday April 24, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Israel shows Zionism’s true colors
Michael Young
Michael Young
For Christians, blessed are the dividers
David Ignatius
David Ignatius
An Iran deal is close, but we’re not there yet
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS