Oil Rises a Seventh Day on Gasoline Stockpiles, Housing


19/07/2012 08:55 AST  Bloomberg
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Oil rose a seventh day in New York, the longest run of gains since February, after U.S. gasoline supplies unexpectedly shrank and housing starts climbed, signaling fuel demand may increase amid an economic recovery.

Futures advanced as much as 0.7 percent to the highest level in seven weeks. Gasoline stockpiles decreased 1.8 million barrels last week, the Energy Department said in a report. They were forecast to climb by 1.2 million, according to a Bloomberg News survey. Crude inventories also fell and a measure of petroleum consumption rose for the third week. New U.S. home construction increased in June to the highest level in almost four years, figures from the Commerce Department showed.

“Market sentiment has turned more optimistic across the board,” said Victor Shum, the managing director of IHS Consulting in Singapore. “The U.S. oil inventory report showed draws in both crude oil and gasoline inventories. That is supportive for prices.”

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