Crude Oil Rises for Second Day on Improving Fuel Demand Outlook
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Oil advanced for a second day in New York, climbing more than $1 a barrel, as signs of an improving economy in the U.S., the world’s biggest consumer of crude, stoked speculation demand for fuel may increase.
Futures for June delivery gained as much as 1.2 percent, extending yesterday’s 0.6 percent increase, before a report forecast to show an improving U.S. housing market. Oil also rose as earnings at companies from Intel Corp. to South Korea’s LG Chem Ltd. bolstered confidence in the economic recovery.