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Oil rises on hopes of avoiding debt default
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Oil traders appeared more confident than stock traders yesterday that the US can avoid defaulting on its debt.
US benchmark crude for November delivery rose 46 cents to close at US$103.49 a barrel on the New York Mercantile Exchange. Meanwhile, stocks fell on worries that the budget standoff in Washington could jeopardize the nation's ability to pay its bills.
"Unlike the stock market, the energy complex appears to be pricing in an avoidance of a US debt ceiling crisis next week," wrote Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.
Oil prices have bounced around between US$101 and US$104 a barrel after the US government was forced to partially halt operations last week. A deadline is also approaching for raising the nation's borrowing limit. If Congress doesn't raise the limit by Oct. 17, America could face its first-ever debt default, which experts warn could seriously harm the global economy.
A new corporate earnings period in the US could divert the market's attention from the government stalemate, at least temporarily.
As usual, aluminum giant Alcoa kicks off the quarterly earnings season after Wall Street closes yesterday. While Alcoa is no longer a member of the Dow Jones industrial average, it is considered a bellwether for commodities. Its results will be watched for signs about global manufacturers' demand for the lightweight metal in a stubbornly slow-growing economy.
Brent, the benchmark for international crudes, gained 48 cents to US$110.16 on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline was flat at US$2.63 per gallon.
— Natural gas rose 9 cents to US$3.72 per 1,000 cubic feet.
— Heating oil added 2 cents to US$3.03 per gallon.
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