Oil Rises to One-Week High in New York on Consumer Spending Gain
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Oil rose to the highest level in more than a week in New York, climbing with equities on optimism that the economy will expand and a report that U.S. consumer spending gained in July.
Futures jumped 2.2 percent after the Commerce Department said purchases increased the most since February. Federal Reserve Chairman Ben S. Bernanke said Aug. 26 in Jackson Hole, Wyoming, that the economic recovery is likely to improve in the second half of the year. The Standard & Poor’s 500 Index advanced as much as 2.8 percent.