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Sandy Shuts Down Refineries Sending Black Gold For a Bounce Above Four Month Lows

“Oil rose from a four-month low in New York as better-than-expected company earnings bolstered confidence that economic recovery will support fuel demand.

West Texas Intermediate crude climbed as much as 0.8 percent as European equities advanced after results from BP Plc (BP/) and Deutsche Bank AG beat analyst estimates. Prices fell earlier after Phillips 66, Hess Corp. (HES)NuStar Energy LP (NS) and PBF Energy Inc. reduced refinery operations on the U.S. East Coast because of Atlantic storm Sandy. Gasoline traded near a two-week high because of the storm’s disruptions to supply.

“We do not see much downside risk for oil demand,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. The impact of Sandy is “mildly bearish” for crude prices, he said.”

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