Oil Rises on Euro-Bond Speculation to Trim Weekly Drop

Oil headed for a fourth weekly decline in New York on concern that European Union leaders are failing to arrive at a solution for the bloc’s debt crisis.

West Texas Intermediate was little changed, giving up an earlier advance of as much as 0.7 percent. U.S. stock-index futures extended losses, signaling the Standard & Poor’s 500 Index will trim a weekly gain, and the euro gave up gains against the dollar amid concern that Spain’s regional governments will lose access to capital markets. Iran, OPEC’s second-biggest crude producer, and world powers decided yesterday they will meet again in June after they were unable to negotiate a deal on the nation’s nuclear program.