Oil Caps Longest Rally This Year as Gasoline, Equities Rally

Bloomberg reported that crude oil capped the longest rally this year after gasoline prices rose and the Standard & Poor’s 500 Index held gains.

As quoted in the market news:

Crude for November delivery at Cushing, Oklahoma, gained 40 cents, or 0.5 percent, to $85.81 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 21. Prices have risen 5.3 percent in the past week. The five-day advance was the longest since the period ended Dec. 23, 2010. Futures have fallen 6.1 percent this year. Gasoline for November delivery gained 5.23 cents, or 1.9 percent, to $2.7476 a gallon on the Nymex, a three-week high.
“Equities are high and that gives hope for the crude market,” said Carl Larry, director of energy derivatives and research with Blue Ocean LLC in New York. “Units going down at Marcus Hook would be bullish for both gasoline and oil because there’s going to be less demand for imported oil on the East Coast and more demand for crude in the midcontinent.”

Click here to read the full Bloomberg report