Oil Rises First Day in Four on Expected Decline in Inventories

Crude oil rose for the first day in four in New York on expectations a report today will show U.S. fuel inventories plunged after Hurricane Katrina shut production in the Gulf of Mexico and closed refineries.

Five refineries remain shuttered and Gulf oil output is 57 percent lower than before the hurricane struck the coast of Louisiana and Mississippi on Aug. 29, the U.S. government said yesterday. An Energy Department report today will probably show crude-oil supplies fell 7.7 million barrels last week, according to the median forecast from a Bloomberg survey of 14 analysts.
Bloomberg