Oil Pares Weekly Drop on Speculation ECB to Boost Efforts
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Oil pared its weekly decline in London amid speculation the European Central Bank may take further steps to address the region’s debt crisis and avert a deeper global slowdown.
Brent futures rose as much as 1.1 percent. France’s Le Monde reported that the European Central Bank is preparing to buy debt after ECB President Mario Draghi said yesterday that policy makers will do whatever is needed to preserve the euro. Crude pared gains after Germany’s Bundesbank said restarting the ECB’s bond-purchase program was not the best solution and a report showed U.S. economic growth slowed in the second quarter.