Oil Heads for Biggest Weekly Gain in Two Months on U.S. Economy

Oil headed for its biggest weekly gain in almost two months in New York after U.S. economic reports indicated that growth in the world’s biggest crude consumer will accelerate.

Futures rose as much as 0.6 percent, extending yesterday’s gain of 0.9 percent after U.S. initial jobless claims dropped to the lowest level since April 2008. Leading indicators climbed more than forecast in November, and consumer sentiment improved this month. Oil supplies fell the most in a decade last week, the Energy Department said Dec. 21.