Oil Rises, Heads for Weekly Gain on U.S., Asian Economic Data

Oil climbed to near a three-week high as economic indicators from the U.S. and Asia restored confidence that the recovery will stimulate fuel demand.

Oil was set for a 1.4 percent weekly increase as U.S. jobless claims fell, Japan boosted its estimate of economic growth, and China raised imports of crude. Prices gained after a leak prompted Enbridge Energy Partners LP to shut a pipeline that can carry more than a third of the crude oil shipped to the U.S. Midwest.