Hurricane News & Recovery Hopes…enough to make crude test 100.00 again?

Crude oil climbed the most in four weeks in New York as a weather system threatened to reduce U.S. production from the Gulf of Mexico, where shut-ins from last week’s storm probably curbed stockpiles.
Futures rose 3.9 percent as the disturbance in Mexico’s Bay of Campeche strengthened. The Energy Department may report that inventories fell 2 million barrels last week as Tropical Storm Lee shut output, according to a Bloomberg News survey. Oil also rose on speculation President Barack Obama will announce plans for more than $300 billion in stimulus.

“A new storm is building up strength, which is giving the market a boost,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “The API report tonight and the DOE report tomorrow will probably show a crude draw. There’s also optimism that President Obama will announce additional stimulus in his upcoming speech.”

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