Oil Rises With Equities Advancing and Citi Staying Bullish

(Bloomberg) — Oil edged higher as positive European manufacturing data and rising equity markets gave some respite to recent demand worries.Futures in New York for November delivery rose to over $40 a barrel. The German economy continues to recover thanks to stronger-than-expected manufacturing figures, data showed, while equity markets in Europe are also stronger. Citgroup Inc. said it remains bullish on the outlook for oil, though the market is undergoing a fitful rebalancing.The American Petroleum Institute reported crude stockpiles increased by nearly 700,000 barrels last week, while gasoline inventories shrunk by 7.7 million barrels, according to people familiar, ahead of …read more

Source:: Yahoo Finance