Crude Oil Rises for a Second Day as European Growth Accelerates

Crude oil rose for a second day and was headed for a weekly gain in New York after stronger-than-forecast economic growth figures for the euro zone fanned speculation that fuel demand in Europe will increase.

Futures climbed as much as 1.7 percent to more than $100 a barrel. Gross domestic product growth in the 17-nation euro region accelerated to 0.8 percent from 0.3 percent, the European Union’s statistics office said, beating the 0.6 percent median forecast in a Bloomberg survey. The Bank of Korea unexpectedly kept interest rates unchanged after two increases this year.