Oil Gains a Second Day on Stimulus Speculation, OPEC Call
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Oil traded near a four-day high in New York on speculation that the U.S. Federal Reserve may take more steps to stimulate the economy and on OPEC’s call for members to cut production in excess of targets.
Futures were little changed after climbing as much as 1.1 percent. A report showed yesterday that the cost of living in the U.S. fell by the most in more than three years. The Organization of Petroleum Exporting Countries needs to reduce output by 1.6 million barrels a day to comply with its targeted ceiling, Secretary-General Abdalla El-Badri said.