Oil Heads for Fourth Week of Gains on Europe, U.S. Debt Optimism
This article is for subscribers only.
Crude oil advanced in New York, heading for a fourth week of gains, as signs Europe and the U.S. will contain their debt crises eased speculation that demand for raw materials may falter.
Futures climbed for a fourth day after euro-area leaders announced 159 billion euros ($229 billion) in new aid for Greece late yesterday. Prices also rose amid speculation U.S. President Barack Obama may agree a deal to raise the country’s $14.3 trillion debt ceiling before an Aug. 2 deadline.