Oil rose for a second day in New York on signs that Chinese demand will withstand measures to slow the economy and that U.S. consumption is recovering.
Futures narrowed their weekly decline after China said November crude imports surged and the International Energy Agency raised its 2011 oil demand forecast for a third month. A U.S. government report yesterday showed jobless claims dropped more than forecast. China’s central bank said it will raise the amount the nation’s lenders must hold as reserves from Dec. 20.
