Crude Heads for Weekly Gain; Total Sees $100 Support for Brent
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Oil headed for its first weekly gain in three, trading near a one-week high in New York amid signs of economic recovery in the U.S., the world’s biggest crude consumer.
Futures gained as much as 0.8 percent, advancing for a third day. The U.S. Commerce Department may say today that economic growth accelerated in the fourth quarter. Durable goods orders rose more than forecast in December, according to data published yesterday, and a report this week showed gasoline demand grew the most in more than two months. Total SA Chief Executive Officer Christophe de Margerie said it would take a “real recession” to send Brent crude below $100 a barrel.