Oil Advances a Second Day on Economic Outlook, Syrian Sanctions

Oil rose a second day on bets that signs of economic growth in the U.S. and steps by Europe to tame its debt crisis will boost fuel demand, while sanctions on Syria stoked concern Middle East crude supplies may be threatened.

Futures rose as much as 2.2 percent in New York after gaining 0.6 percent on Nov. 25. U.S. retail sales during Thanksgiving climbed 16 percent to a record. Europe needs treaty changes to tighten budget discipline and calm markets, German Finance Minister Wolfgang Schaeuble told ARD television in Berlin yesterday. The Arab League imposed sanctions on Syria after it failed to stop a crackdown on protesters.