Bloomberg reported that strong gasoline prices in the United States are helping oil bounce back from yesterday’s drop.
As quoted in the market news:
Oil for October delivery rose 3 cents to $92.01 a barrel at 1:07 p.m. on the New York Mercantile Exchange after falling to $90.66, the lowest intraday level since Aug. 6. The contract expires today. The more-active November futures decreased 1 cents to $92.29.
Brent oil for November settlement rose $1.20, or 1.1 percent, to $109.39 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark grade’s premium to the corresponding West Texas Intermediate contract widened for the first time in six days.