Oil Prices Rebound From Lowest Position In 10 Months

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Oil Prices Rebound From Lowest Position In 10 Months, Oil prices rebounded from lows in the 10 months in New York as investors speculated that demand for fuel will rise in the midst of a shrinking stock and the Federal Reserve's statement that it is prepared to use various instruments to boost the economy. Oil contract rose for the first time in three days after the Fed said in a statement yesterday to keep interest rates near zero until mid-2013 and began using the instrument.

Oil Prices Rebound From Lowest Position In 10 Month, Crude oil for September delivery rose U.S. $ 3.13, or 4%, to the position of U.S. $ 82.43 a barrel in electronic trading board the New York Mercantile Exchange, and are at a price of U.S. $ 80.90 at 11:59 Sydney time. U.S. oil contract fell yesterday $ 2.01, or 2.5% to a level of U.S. $ 79.30, the lowest settlement since September 29. Prices fell 11% this year.

Brent oil contract for September settlement rose U.S. $ 1.52, or 1.5% to U.S. $ 104.09 a barrel in London.

"Looks like the market wants to return [to recover]," said Peter Beutel, president of Cameron Hanover Inc., energy consultants in New Canaan, Connecticut, in a note e-mail.

U.S. crude oil supplies fell 5.21 million barrels to 348.60 million last week, according to the American Petroleum Institute (API). An Energy Department report today may show stockpiles rose 1.35 million barrels in the seven days ended August 5, the average estimate of 12 analysts and traders in a Bloomberg News survey.

Gasoline inventories fell 1.01 million barrels to 211.200 million barrels, API data show the data. Energy Department report will probably show that inventories rose 900,000 barrels, according to a Bloomberg News survey.

The MSCI Asia Pacific Index rose 1.6%, halting a six-day decline in the decline of 13%. Standard & Poor's 500 Index jumped 4.7% to 1172.53 at the close at 4:00 New York time yesterday, the biggest increase since March 2009.

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