Oil Rises From Year’s Biggest Decline as Finance Ministers Meet
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Oil advanced in New York, heading for a second quarterly gain, as Europe’s finance ministers met in Copenhagen to increase rescue funds to temper the region’s debt crisis.
Crude rose as much as 0.9 percent, the first gain in three days, as consumer spending in the U.S. jumped in February by the most in seven months, showing the biggest part of the economy is strengthening. Prices fell 2.5 percent yesterday, the biggest drop since December. European equities extended the biggest first-quarter advance since 2006 and the euro gained while default risk fell. For the week, prices are lower after U.S. stockpiles climbed to the highest level since August and Western countries discussed tapping emergency reserves.