Oil Rises a Second Day on Confidence in Chinese, U.S. Growth

Crude advanced for a second day in New York on expectations fuel demand will climb in the U.S. and China, the world’s largest oil-consuming nations.

Futures gained on forecasts that retail sales rose in the U.S. for a second month and a pipeline supplying the Midwest region remained closed. China’s oil refiners raised processing runs 7.2 percent in August from a year earlier. Goldman Sachs Group Inc. predicted crude prices will rise to a range of $85 to $95 a barrel for the rest of this year as inventories decline.