Oil Rises to Highest in One Week on Stimulus Speculation
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Oil climbed to the highest intraday price in more than a week in New York on speculation central banks will take more steps to boost economic growth, spurring demand for raw materials.
Futures gained as much as 0.9 percent from the Aug. 31 close. China should “decisively” expand the strength of its fine-tuning after changes in the economy and markets, the official People’s Daily newspaper said in a front-page essay yesterday. European Central Bank President Mario Draghi told officials he would be comfortable buying three-year government bonds to cut borrowing costs for nations in financial distress. The U.S. Energy Department will release its weekly report on oil stockpiles and demand Sept. 6.