Oil Heads for Second Week of Gains on Economy, Stockpile Decline
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Oil traded near the highest in three weeks in New York, heading for a second weekly gain, as investors bet that shrinking stockpiles and signs of economic recovery in the U.S. indicated fuel demand may increase.
Futures advanced earlier after data showed companies in the U.S. added twice as many workers as forecast in June. A Labor Department report today may show employers added 105,000 jobs last month, according to a Bloomberg News survey. Crude supplies fell 889,000 barrels to 358.6 million last week, the lowest level since April, an Energy Department report showed.