Oil Rallies in New York, Heads for Weekly Gain, as Euro Rebounds
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Oil rose in New York as the euro strengthened amid speculation that European Central Bank buying of Italian and Spanish bonds will stem surging borrowing costs and mitigate the effects of the region’s debt crisis.
Futures rose as much as 1.4 percent, after dropping 3.7 percent yesterday. The euro advanced against the dollar while Italian and Spanish lending costs declined, following reports the European Central Bank bought the nations’ bonds. Oil, up 1 percent this week, is headed for its seventh straight weekly gain, the longest run in more than two years.