Oil Gains for a Second Day on Bets Europe Will Tame Debt Crisis
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Oil rose for a second day in New York on speculation European governments will contain their sovereign-debt crisis, limiting its impact on the global economy and demand for raw materials.
Futures gained as much as 3.6 percent, trimming the biggest quarterly decline since the global financial crisis in 2008. U.S. Treasury Secretary Timothy F. Geithner predicted Europe will intensify efforts to contain its debt problems after being pressured at international meetings in Washington last week. European stocks climbed for a third day.