Oil Climbs Above $65 on Signs of Rising U.S. Fuel Demand - Bloomberg

Oil Climbs Above $65 on Signs of Rising U.S. Fuel Demand - Bloomberg

Oil rose as the dollar declined and a fall in U.S. gasoline inventories offered a signal of recovering consumption.

Futures in New York climbed above $65 a barrel, while the U.S. currency was trading lower. Gasoline inventories have declined more than 25 million barrels in the last two weeks, while a measure for consumption expanded last week to the highest level since November. Profit from producing the fuel has soared.

The appetite for Iranian oil has grown, meanwhile, with China boosting its purchases even as other nations wait for the easing of U.S. sanctions. Imports have surged so much this month that ports in Shandong province are seeing increased congestion, according to traders and analysts.

PRICES
West Texas Intermediate added 1.3% to reach $65.27 a barrel at 10:26 a.m. London time Brent for May settlement rose 1.3% to $68.81