As the aftermath of Hurricane Irene subsides, refineries on the East Coast are firing up their operations anew, also a contributing factor to the energy commodity's gains.
"We're probably seeing the residual impact of Irene," president Stephen Schork of the Schork Group energy advisory in Pennsylvania told Bloomberg. "The product markets are leading us higher. It's the penultimate day for trading the September gasoline contract, which you can deliver summer-grade gasoline against."
At 4:22 p.m. on Tuesday, crude oil futures increased 1.91 percent, a $2.14 increase to $114.02 per barrel.
Dow Jones Newswires reports oil futures gained due to domestic and geopolitical events. The U.S. Federal Reserve is expectated to resume policies of monetary easing, which was suggested by the president of the Federal Reserve Bank of Chicago who said the economy could use a boost.
Amidst warnings about militants attacking Southern Israel, the nation dispatched two warships to the Red Sea border with Egypt, from where the attack would be launched. Unrest in the oil-rich Middle East typically drives up oil prices.
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