Oil gained for a third day in New York after reports signaled fuel demand is increasing amid an economic recovery in the U.S., the world’s biggest crude user.
Futures climbed as much as 0.6 percent after closing at the highest price in a week yesterday. U.S. home sales and durable- goods orders beat forecasts in May, while gasoline demand rose last week, separate reports showed. Brent crude advanced a fourth day in London as a strike by Norwegian energy workers over pensions halted 15 percent of the country’s oil output.
“We’ve had some good numbers out of the U.S. and I think that’s positive,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity-markets newsletter in Sydney. “The strike in Norway has provided a bounce to Brent. That’s a concern and will support the spread” between the European and New York contracts, he said.
Malaysian Inflation Rises To 1.8% In May
Malaysia's consumer price inflation increased in May, data released by the Department of Statistics showed Wednesday. Economists had forecast inflation to stay unchanged.