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23.08.2013 15:45

Oil rose for a second day

West Texas Intermediate crude rose for a second day on signs of accelerating economic growth in Europe and unrest in the Middle East.

Futures climbed as much as 1.3 percent. Euro-area consumer confidence increased more than economists estimated in August, the European Commission in Brussels said in a preliminary report today. Israel said it bombed a site in Lebanon today in response to the first rocket attack from that country in almost two years, adding to the turmoil gripping the Middle East.

WTI crude for October delivery climbed 95 cents, or 0.9 percent, to $105.98 a barrel at 10:40 a.m. on the New York Mercantile Exchange. Prices are down 1.4 percent this week. The volume of all futures traded was about 37 percent below the 100-day average.

Brent oil for October settlement advanced $1.04, or 0.9 percent, to $110.94 a barrel on the London-based ICE Futures Europe exchange. Trading of futures was 2.4 percent below the 100-day average. The European benchmark crude traded at a premium of $4.96 to WTI, compared with $4.87 at yesterday’s close.

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