Crude Heads for Weekly Gain; JPMorgan Sees OPEC Quota Increase
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Oil headed for a weekly gain in New York on speculation that the global economic recovery will sustain demand for fuel.
Crude rose as much as 0.8 percent after Group of Eight leaders said the world economy is gaining strength and as a weakening dollar boosted the appeal of commodities. Futures narrowed their gains after a report showed European confidence in the economy weakened for a third straight month in May. The Organization of Petroleum Exporting Countries may raise output quotas to meet global demand, according to JPMorgan Chase & Co.