Hamilton says he had forgotten what it's like to lead after finishing second ahead of Perez
By early afternoon in Europe, benchmark crude was up 15 cents at $88.58 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to end at $88.43 in New York on Monday.
In London, Brent crude was up $1.10 at $104.03 a barrel on the ICE Futures exchange.
Oil was underpinned by expectations that US and China will do more to prop up slowing economic growth. The two countries are the world’s biggest and second-biggest crude consumers. As consumers spend more and the economy strengthens, demand for oil is likely to rise.
Some analysts believe Federal Reserve Chairman Ben Bernanke will talk about additional stimulus when addresses Congress on Tuesday and Wednesday.
Expectations of possible Chinese stimulus measures rose after Premier Wen Jiabao’s weekend promise of tax breaks and other aid to struggling small businesses. China’s second-quarter growth fell to a three-year low of 7.6 percent but analysts said a rebound might be in sight.
“The latest statements ... by Chinese Prime Minister Wen Jiabao, coupled with renewed speculation that Fed chairman Bernanke may announce the possibility of further quantitative easing of US monetary policy at his testimony before the US Congress today, are currently giving buoyancy to crude oil prices,” said analysts at Commerzbank in Frankfurt. “Apart from the supply risks and the hope of further stimulus measures, there are currently only few arguments which would justify the latest rise in the price of crude.”
Investors will be monitoring fresh information on US stockpiles of crude and refined products.
Data for the week ending July 13 is expected to show a draw of 1.4 million barrels in crude oil stocks and a build of 700,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.
In other futures trading, heating oil was up 2.3 cents at $2.8480 a gallon and gasoline rose 2.18 cents to $2.8765 a gallon. Natural gas was down 1 cent at $2.79 per 1,000 cubic feet.
Hamilton says he had forgotten what it's like to lead after finishing second ahead of Perez
The defence ministry said it intercepted 50 Ukrainian drones overnight
Media reports had suggested the trip would begin as soon as Sunday and last two days
Visitors can enjoy movies with family favourites, including ‘The Jungle Book’, ‘Jumanji’ and ‘Zootopia’ to match the wild theme every evening from 8pm
Sheikh Mohamed conveyed his congratulations to all eight honourees, recognising their inspiring efforts and significant contributions in service to society
His father thanked everyone who participated in the search mission despite the challenges posed by flooding in various parts of the emirate
It will be humid by night and Sunday morning with a probability of mist formation over some coastal and internal areas
Nearly 6,000 volunteers linked to a single support group are working tirelessly across the country to help those affected