G8 States World Economy is Gaining Strength; That Helped to Weakene the Dollar and Bolstered Oil Overnight

“Oil headed for a weekly gain in New York on speculation that the global economic recovery will sustain demand for fuel.

Crude rose as much as 0.8 percent after Group of Eight leaders said the world economy is gaining strength and as a weakening dollar boosted the appeal of commodities. The Organization of Petroleum Exporting Countries may raise output quotas to meet global demand, according to JPMorgan Chase & Co.

“Demand data continues to be reasonably robust,” Amrita Sen, a London-based analyst at Barclays Plc, said in an e-mail today. “Given that the upside risks are higher than the downside risks, prices are edging higher.””

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