Oil Rises to Three-Month High After Greece Cancels Referendum

Oil rose its highest in three months in New York as signs that Europe will reach an agreement with Greece on a rescue plan reduced concern economic growth will falter and damp fuel demand.

Futures rose as much as 0.9 percent and are poised for a fifth weekly gain, the longest rising streak since April 2009. Greece won’t hold a public vote on a bailout package, Finance Minister Evangelos Venizelos told lawmakers in Athens yesterday. Prices were little changed by the drop in the U.S. unemployment rate to 9 percent, shown in data from the Labor Department today.