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MTECHTIPS:-Crude gains as markets see U.S. demand recovering after Sandy
Crude oil futures rose in Asian trading on Wednesday as U.S. refineries began to ramp up operations after the massive post-tropical storm Sandy wreaked havoc across the northeastern U.S.Refiners in the area had halted operations prior to Sandy's arrival, thus sending crude prices falling on curtailed demand.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.73 a barrel on Wednesday, up 0.06%, off from a session high of USD85.75 and up from an earlier session low of USD85.70.Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.Prior to Sandy's arrival, refineries throttled back operations, but now that the storm has passed, hopes began to build that demand for fuels will increase as more and more communities brush off the debris and get back to work.The storm did throw a curveball into plans to release weekly oil inventory data.
Crude oil futures rose in Asian trading on Wednesday as U.S. refineries began to ramp up operations after the massive post-tropical storm Sandy wreaked havoc across the northeastern U.S.Refiners in the area had halted operations prior to Sandy's arrival, thus sending crude prices falling on curtailed demand.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.73 a barrel on Wednesday, up 0.06%, off from a session high of USD85.75 and up from an earlier session low of USD85.70.Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.Prior to Sandy's arrival, refineries throttled back operations, but now that the storm has passed, hopes began to build that demand for fuels will increase as more and more communities brush off the debris and get back to work.The storm did throw a curveball into plans to release weekly oil inventory data.
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