Oil Heads for Second Weekly Gain on U.S., Europe Demand Outlook
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Oil rose in New York, heading for the second week of gains, on speculation Europe may contain its debt crisis and the U.S. economy will recover, bolstering demand for raw materials.
Prices gained as much as 0.8 percent, reversing earlier declines, before Commerce Department data forecast to say U.S. retail sales last month climbed at the fastest pace in six months, according to a Bloomberg survey of economists. Oil and equity futures rallied before Group of 20 finance ministers meet to discuss Europe’s debt crisis. Technical indicators showed New York crude was oversold.