Oil Gains Ahead of Fed Meeting
NEW YORK (AP) — The price of oil rose Monday as investors prepared for key U.S. economic reports and a Federal Reserve policy meeting this week.
Benchmark U.S. crude for December delivery gained 83 cents at $98.68 a barrel on the New York Mercantile Exchange. Oil is still down $3.65 a barrel, or 3.6 percent, for the month of October.
U.S. data releases this week include September industrial production, retail sales, inflation and consumer confidence as well as a Fed policy meeting that could reinforce expectations that the central bank won't begin reducing its mammoth monetary stimulus until well into next year.
The expansion of the U.S. money supply is aimed at supporting economic recovery and reducing high unemployment but has also been a boon for investors in stocks and commodities. The timing of the stimulus withdrawal has become a matter of intense speculation in markets.
Brent crude, a benchmark for international crude also used by U.S. refineries, rose $2.68 to $109.61 on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline added 4 cents to $2.63 a gallon.
- Heating oil rose 5 cents to $2.96 a gallon.
- Natural gas fell 14 cents to $3.57 per 1,000 cubic feet.
Pablo Gorondi in Budapest contributed to this report.
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