Oil Rises a Sixth Day on Optimism Europe Nearer to Resolving Debt Crisis

Oil rose for a sixth day in New York. Crude for December delivery gained as much as 47 cents, or 0.5 percent, to $97.17 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.95 at 12:01 p.m. Sydney time. The contract yesterday advanced $1.28 to $96.80, the highest settlement since July 28, as investors speculated that an offer to resign by Italy’s Prime Minister Silvio Berlusconi brings Europe closer to resolving its debt crisis.

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