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Oil rose
West Texas
Intermediate crude rose for the first time in five days as
Prices
rebounded from a six-month low. The Standard & Poor’s 500 Index increased
to a record as Macy’s Inc. and J.C. Penney Co. climbed amid Black Friday sales
events. Oil also moved higher on concern that unrest in
WTI for
January delivery gained $1.31, or 1.4 percent, to $93.61 a barrel at 10:28 a.m.
on the New York Mercantile Exchange. The volume of all futures traded was 45
percent below the 100-day average. Prices, down 2.9 percent in November, are
set for the longest monthly slide since January 2009. Floor trading was
suspended yesterday for the Thanksgiving holiday and will close an hour early
at 1:30 p.m. today.
Brent for
January settlement increased 36 cents, or 0.3 percent, to $111.22 a barrel on
the London-based ICE Futures Europe exchange and is up 2.2 percent this month. The
volume of all futures traded was 40 percent less than the 100-day average. The
European benchmark grade was at a premium of $17.61 to WTI. The spread was
$19.01 on Nov. 27, the widest in more than eight months, based on closing
prices.
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