Markets

Oil Set for Biggest 2012 Weekly Gain on U.S. Economy, Greek Aid Plans: report

Oil climbed to a nine-month high in New York as signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand, Bloomberg reported.

West Texas Intermediate crude rose 0.9% to cap a weekly gain of 4.6%.

The index of U.S. leading indicators advanced in January for a fourth month. Germany expressed confidence that euro-area governments will agree on a 130 billion-euro ($171 billion) rescue for Greece within days, while seeking to keep a bond swap of the nation's debt on track.

Oil for March delivery rose 93 cents to US$103.24 a barrel on the New York Mercantile Exchange, the highest settlement since May 10. The gain capped the biggest weekly increase since Dec. 23.

Brent oil for April settlement dropped 53 cents, or 0.4%, to US$119.58 a barrel on the London-based ICE Futures Europe exchange. The contract touched US$120.70, the highest level since June 15, before slipping. Brent's premium to April WTI narrowed US$1.49 to US$15.98 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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