“Crude rose for a second day in New York amid forecasts that U.S. gasoline supplies dropped after Hurricane Sandy forced the shutdown of East Coast refineries.
West Texas Intermediate crude advanced as much as 0.9 percent. Gasoline supplies fell 1.5 million barrels, or 0.8 percent, to 198 million in the seven days ended Nov. 2, according to the median of nine analyst estimates before an Energy Department report tomorrow. The fuel advanced as much as 1.2 percent to $2.6524 a gallon. U.S. voters decide today whether to return Barack Obama as president or elect his challenger Mitt Romney.
“The devastation and fuel shortages brought on by Hurricane Sandy are still being felt across the product complex in the U.S.,” said Andrey Kryuchenkov, a London-based analyst at VTB Capital who correctly predicted last month that Brent would slide.
WTI for December delivery climbed as much as 75 cents to $86.40 a barrel in electronic trading on the New York Mercantile Exchange, and traded at $86.29 at 12:11 p.m. London time. The contract traded at $84.34 yesterday, the lowest intraday level since July 12. Prices have dropped 13 percent this year.
Brent for December settlement was 88 cents higher at $108.61 a barrel on the ICE Futures Europe exchange. The European benchmark crude was at a premium of $22.30 to New York-traded WTI.”
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