Oil Rises a Second Day on Iran Tension, European Debt Meetings
This article is for subscribers only.
Oil rose for a second day in New York on concern that tension in the Middle East threatens supplies and as investors bet that European leaders will take steps to tame the region’s debt crisis.
West Texas Intermediate oil gained as much as 1 percent, after posting the first weekly rise in three. Iran said crude will surge to more than $250 a barrel if nations threaten to ban its exports, according to the Shargh newspaper. European leaders meet this week as U.S. Treasury Secretary Timothy F. Geithner visits the region. Hedge funds and other money managers raised bullish bets on Brent by 26 percent in the week ended Nov. 29.