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If you enjoy the content at iBankCoin, please follow us on TwitterOil climbed in New York, heading for the biggest weekly gain this year, as signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand. Brent touched an eight-month high.
West Texas Intermediate crude rose as much as 1.2 percent today and is up 4.9 percent this week. A gauge of U.S. leading indicators probably advanced in January, economists said before the report today. European governments may cut interest rates on emergency loans to Greece and use European Central Bank funds to plug a financing gap, two people familiar with discussions said.
“We’ve had a strong week and there’s strong upward momentum,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “The headlines are what’s driving this market and if they point to a better economy, prices will rise. It looks like a Greek deal is going to finally get done.”
Oil for March delivery rose $1.16, or 1.1 percent, to $103.47 a barrel at 9:29 a.m. on the New York Mercantile Exchange. The contract reached $103.57, the highest level since Jan. 5. Futures are headed for the biggest weekly gain since Dec. 23.
Brent oil for April settlement dropped 43 cents, or 0.4 percent, to $119.68 a barrel on the London-based ICE Futures Europe exchange. The contract touched $120.70, the highest level since June 15.
