Oil Near One-Week High as Fed Sees U.S. Economy Growing

Oil traded near the highest level in a week after Federal Reserve policy makers said they expect growth to accelerate, boosting speculation fuel demand will rise. Iran said it may halt its nuclear expansion.

Futures were little changed in New York after gaining 0.6 percent yesterday. Economic growth is expected to “remain moderate over coming quarters and then to pick up gradually,” the Federal Open Market Committee said in a statement. Prices declined earlier after U.S. supplies gained more than forecast and Iran’s envoy in Moscow said his country may halt the expansion of its atomic program to avert new Western sanctions.