Crude oil futures post biggest one-day gain in history

crude oil futures on the 22nd record edifying in history, driven by the upcoming expiration of near-month delivery futures contracts crazy buyingOctober crude futures on the New York Mercantile Exchange are due to expire on the 22nd, and the contract rose as high as $25.45 to $130 a barrel, more than any other contractTraders said the anomaly could be due to two possible reasons: refineries that had been shut down by the hurricane are now generating demand for crude oil as a result of resumption of production, and traders caught off guard by recent market volatilitythe October light, low-sulfur crude oil futures contract on the New York Mercantile Exchange settled up $16.37, or 15.7 percent, at $120.92 a barrel, the highest in a single day since the exchange launched its crude futures contract in 1983November crude futures contract closed up $6.62, or 6.4 percent, at $109.37 a barrelThe November Brent crude futures contract on the ICE Futures Exchange rose $6.43 to $106.04 a barreltraders believe the U.Sgovernment's plan to buy up to $700 billion in distressed mortgage assets will support oil demandIn addition, the weaker dollar has prompted investors to put money into commodity markets to hedge against exchange rate risksThe euro last rose to $1.4817, from $1.4480 late FridayAnalystssaid reports that Saudi Arabia, the organization's largest oil producer, was cutting back on oil exports to customers of some of the world's largest refiners had also spurred buying, China's customs agency reported an increase in imports of crude oil and refined oil products in AugustChina's crude oil imports rose 11.5 percent in August from a year earlier, while imports of diesel and gasoline also increasedOctober RBOB gasoline futures rose 10.41 cents, or 4 percent, to $2.7038 a gallonOctober heating oil futures rose 14.52 cents, or 5 percent, to $3.0430 a galloncrude oil futures on the 22nd recorded the largest one-day gain in history, driven by the upcoming expiration of near-month delivery futures contracts crazy buying October crude futures on the New York Mercantile Exchange are due to expire on the 22nd, and the contract rose as high as $25.45 to $130 a barrel, more than any other contract Traders said the anomaly could be due to two possible reasons: refineries that had been shut down by the hurricane are now generating demand for crude oil as a result of resumption of production, and traders caught off guard by recent market volatility the October light, low-sulfur crude oil futures contract on the New York Mercantile Exchange settled up $16.37, or 15.7 percent, at $120.92 a barrel, the highest in a single day since the exchange launched its crude futures contract in 1983 November crude futures contract closed up $6.62, or 6.4 percent, at $109.37 a barrel The November Brent crude futures contract on the ICE Futures Exchange rose $6.43 to $106.04 a barrel traders believe the U.S government's plan to buy up to $700 billion in distressed mortgage assets will support oil demand In addition, the weaker dollar has prompted investors to put money into commodity markets to hedge against exchange rate risks The euro last rose to $1.4817, from $1.4480 late Friday Analysts said reports that Saudi Arabia, the organization's largest oil producer, was cutting back on oil exports to customers of some of the world's largest refiners had also spurred buying , China's customs agency reported an increase in imports of crude oil and refined oil products in August China's crude oil imports rose 11.5 percent in August from a year earlier, while imports of diesel and gasoline also increased October RBOB gasoline futures rose 10.41 cents, or 4 percent, to $2.7038 a gallon October heating oil futures rose 14.52 cents, or 5 percent, to $3.0430 a gallon (name)