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Crude oil rebounded from its lowest level in more than six weeks as advancing equity markets sparked confidence that demand for fuel may recover.
Crude rose as stocks rallied from a one-month low in Europe and U.S. index futures climbed. Tropical Storm Danielle may become the Atlantic season’s second hurricane within a day, the U.S. National Hurricane Center said.
Crude oil for October delivery rose as much as 60 cents, or 0.8 percent, to .42 a barrel on the New York Mercantile Exchange and traded at .32 at 1:07 p.m. London time. The September contract fell 97 cents to .46 on Aug. 20, when it expired, the lowest settlement level since July 6. Futures dropped 2.6 percent last week. Brent crude for October delivery rose 59 cents to .85 a barrel on the London-based ICE Futures Europe Exchange.
“The correlation is still strong with equities and it’s likely to remain so,” said Roland Stenzel, a crude and carbon trader at E&T Energie Handelsgesellschaft mbH in Vienna. “The market continues to fluctuate.”
The Stoxx Europe 600 Index increased 0.8 percent at 1:10 p.m. in London, while futures on the Standard & Poor’s 500 Index advanced 0.6 percent.
Tropical Storm Danielle may become the Atlantic season’s second hurricane within a day, the center said. Danielle’s maximum sustained winds strengthened to 60 miles (95 kilometers) an hour early today, up from 50 mph six hours earlier, the U.S. National Hurricane Center said in an advisory on its website at about 4:45 a.m. Miami time. The system was over the Atlantic at about 850 miles west of the Cape Verde Islands and heading west- northwest at 14 mph on a course that won’t take it near land for at least five days.
Hedge funds cut bullish bets on gasoline by the most in almost four years as petroleum stockpiles surpassed the highest level since 1990. Hedge funds and other large speculators reduced wagers on rising prices by 74 percent the week ended Aug. 17, the most since October 2006, the Commodity Futures Trading Commission reported on Aug. 20. Gasoline has dropped 21 percent since reaching its 2010 high of .4351 a gallon on the New York Mercantile Exchange on May 3.
“It is possible that prices will rebound in the short term, but they should still remain depressed due to economic concerns,” Eugen Weinberg, head of commodity research with Commerzbank AG in Frankfurt, said in a telephone interview. “The need for diversification is keeping investors pouring their money into the market and speculative interest is picking up at the lower end of the trading range.”
To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2[[at]]bloomberg.net