“Oil rebounded in New York after dropping the most in more than three months as tensions between Syria and Turkey fanned concern exports from the Middle East may be reduced.
Futures advanced as much as 0.8 percent as Turkey fired into Syrian territory for a second day and called for United Nations intervention. The euro gained against the dollar before a European Central Bank meeting, boosting the appeal of commodities. Oil plunged 4.1 percent yesterday after the Energy Department reported that U.S. crude production climbed to the highest level in more than 15 years while fuel usage decreased.
“Turkey-Syria jitters are adding to general concerns in the Middle East,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who correctly predicted crude would fail to advance last month. “There’s some buying on the lows after losses yesterday, and the greenback is also a touch lower.”
Crude for November delivery gained as much as 68 cents to $88.82 a barrel on the New York Mercantile Exchange and was at $88.78 at 11:43 a.m. London time. Futures dropped to $88.14 yesterday, the lowest settlement since Aug. 2. Prices are down 10 percent this year.
Brent oil for November settlement advanced $1.23 to $109.40 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $20.58 to WTI, up from $20.03 yesterday.”
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