Oil Jumps Above $91 On Gasoline Stockpiles and U.S. Housing Data

WTI is up $1.19 @ $91.06…

“Oil rose a seventh day in New York, the longest run of gains since February, after U.S. gasoline supplies unexpectedly shrank and housing starts climbed, signaling fuel demand may increase amid an economic recovery.

Futures advanced as much as 1.5 percent to the highest level in seven weeks. Gasoline stockpiles decreased 1.8 million barrels last week, the Energy Department said in a report. They were forecast to climb by 1.2 million, according to a Bloomberg News survey. Crude inventories also fell and petroleum consumption rose for the third week. New U.S. home construction increased in June to the highest level in almost four years, figures from the Commerce Department showed.”

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