Oil Trades Near 12-Week High as China Considers Economy Stimulus
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Oil traded near its highest in 12 weeks in New York on speculation China’s government will boost the economy of the world’s second-biggest crude consumer, while European leaders prepared to tackle the region’s debt crisis.
Prices gained as much as 0.8 percent after China’s industry ministry said it is studying “stimulative policies” for smaller companies. Global oil supplies are “extraordinarily tight,” Goldman Sachs Group Inc. said. European government heads will hold a summit today.