Oil gains for second day on stimulus speculation


16/06/2012 07:49 AST  Business Standard
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Oil rose in New York, heading for a second week of gains, on speculation that the US Federal Reserve may take more steps to stimulate the economy and on the Organisation of Petroleum Exporting Countries’ (Opec) call for members to cut production in excess of quotas.

Futures climbed as much as 1.1 per cent, a consecutive advance. Reports yesterday showed US jobless claims unexpectedly increased and the cost of living fell the most in three years.

Opec needs to reduce output by 1.6 million barrels a day to comply with its targeted ceiling, Secretary-General Abdalla El-Badri said.

“There are more supportive factors now for oil than there are negative,” Jonathan Barratt, chief executive officer of Barratt’s Bulletin, a commodity-markets newsletter in Sydney, said in a telephone interview. “The whole purpose of the cartel is to provide guidelines to production. Compliance is just a word. If the price slips below $80 a barrel then quotas will change and give prices a big bump.”

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