Bloomberg News

Oil in New York Gains After Better-Than Forecast U.S. GDP

October 26, 2012

Crude futures gained on the New York Mercantile Exchange after the U.S. economy expanded more than forecast in the third quarter.

West Texas Intermediate for December rose as much as 0.3 percent after dropping 1.2 percent earlier today. It was trading at $86.15 as of 1:36 p.m. London time.

Gross domestic product, the value of all goods and services produced in the U.S., rose at a 2 percent annual rate after climbing 1.3 percent in the prior quarter, Commerce Department figures showed in Washington. The median forecast of 86 economists surveyed by Bloomberg called for a 1.8 percent gain.

To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net


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