Crude Oil Poised for Quarterly Gain as U.S. Spending Increases

Oil headed for the biggest quarterly gain this year as personal spending in the U.S. rose in line with forecasts, signaling an economic recovery that may boost fuel demand.

Futures were little changed after increasing 2.1 percent yesterday, the most in eight weeks. U.S. household purchases climbed 0.5 percent last month, up from 0.4 percent in July, according to Commerce Department data. Oil surged yesterday as Spain pledged to cut its deficit to ease Europe’s debt crisis. Prices erased a 0.9 percent gain today as the dollar rebounded against the euro.