Oil Trades Near Highest Level in Four Months
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Oil traded close to the highest level in four months in New York after posting the longest run of weekly gains since April 2009, lifted by speculation that a global economic recovery will boost fuel demand.
West Texas Intermediate crude advanced as much as 0.6 percent after U.S. durable goods orders rose 4.6 percent in December, more than the 2 percent forecast in a Bloomberg news survey. A second U.S. government report today may show pending homes sales rose last month. The market is well supplied, Abdalla El-Badri, secretary-general of the Organization of Petroleum Exporting Countries, said today.