Reuters
Oil prices rise on low diesel stocks ahead of winter
Brent crude futures for December delivery rose $1.22 to $93.67 a barrel, a 1.3% gain, by 11:29 a.m EST (1529 GMT), after retreating earlier in the day. Distillate stockpiles, which include diesel and heating oil, fell by 4.9 million barrels in the week ended Oct. 7 to 106.1 million barrels, the lowest since May, the Energy Information Administration said, versus expectations for a 2 million-barrel drop. The report comes amid concerns that rising inflation will dent fuel demand and as the International Energy Agency warned that the global economy may go into recession.
