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Oil rose
West Texas
Intermediate crude climbed on optimism that U.S. lawmakers will agree on a deal
to raise the debt ceiling and avoid a default.
Futures
rose as much as 0.8 percent on optimism that a framework being negotiated by
Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell will end
the 16-day-old government shutdown and extend U.S. borrowing authority, which
lapses tomorrow. WTI and stocks extend gains as the National Review reported
that House Speaker John Boehner was said to agree to take up a Senate plan to
end the impasse.
WTI crude
for November delivery rose 58 cents, or 0.6 percent, to $101.79 a barrel at
10:40 a.m. on the New York Mercantile Exchange. The contract declined $1.20 to
$101.21 yesterday, the lowest settlement since July 2. The volume of all
futures traded was about 11 percent above the 100-day average.
Brent oil
for November settlement, which expires today, rose 46 cents, or 0.4 percent, to
$110.42 a barrel on the London-based ICE Futures Europe exchange. The
more-active December contract gained 71 cents to $110.13. Volume was 13 percent
higher than the 100-day average.
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