Oil Fluctuates on U.S. Jobless Claims, Fuel Supply

Oil climbed for a second day as U.S. stocks gained and the dollar weakened against the euro on speculation that central banks will stimulate economic growth with supportive monetary policies.

Futures gained 0.9 percent after Federal Reserve Vice Chairman Janet Yellen endorsed the view that borrowing costs are likely to stay low through 2014 as the Fed misses its goal for full employment and inflation remains in check. The Bank of Japan will pursue “powerful easing” to overcome deflation, Governor Masaaki Shirakawa said today.