Oil Poised for Biggest Weekly Gain Since August
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Oil headed for the biggest weekly gain since September in New York as U.S. lawmakers scheduled talks aimed at averting automatic tax increases and spending cuts that threaten the economy of the world’s largest consumer.
West Texas Intermediate climbed as much as 0.7 percent, extending this week’s advance to 2.7 percent. Congressional leaders plan to meet with President Barack Obama today, seeking to resolve a budget impasse before at least $600 billion in fiscal measures take effect on Jan. 1. House Majority Leader Eric Cantor announced the chamber will meet Dec. 30 for its first Sunday session in more than two years. U.S. stockpiles shrank last week, an industry report showed yesterday.