Oil in London Rises as European, U.K. Data Boost Demand Optimism

Oil climbed in London after European economic data indicated demand may be recovering in the region, easing concern that oil prices near their highest in more than two years may be hurting growth.

Brent futures advanced as much as 0.7 percent after reports showed that industrial orders in the euro region gained for a fifth month in February, led by demand for capital goods, and that Britain’s economy rebounded in the first quarter as growth surged in the service industry. The dollar traded near a 16-month low against the euro and a two-year low against the pound, boosting the appeal of commodities priced in the U.S. currency.