Oil Rises for a Second Day on Fed Stimulus Bets, China Growth

Oil rose for a second day to trade near a two-week high on speculation the Federal Reserve will take steps to stimulate the U.S. economy and on accelerating growth in China, the world’s largest energy consumer.

Crude climbed above $83 a barrel before a Fed meeting where policy makers may announce a plan to buy at least $500 billion of long-term securities, according to economists surveyed by Bloomberg News. Manufacturing in China and the U.S. increased in October, data yesterday showed. Consuming countries are happy with oil between $70 and $90 a barrel, said Ali al-Naimi, Saudi Arabia’s oil minister.