Oil Gains Amid Speculation European Rescue Fund May Ease Crisis
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Oil advanced in New York as European leaders prepared for talks on how to bolster a rescue fund that will ease the debt crisis threatening the region’s economy.
Futures climbed as much as 1.6 percent, paring a weekly loss. Europe may deploy as much as 940 billion euros ($1.3 trillion) to fight the debt crisis, two people familiar with discussions said. U.S. crude inventories dropped to a 20-month low this week, tumbling to the five-year seasonal average for the first time since July 2010.