Oil Heads for Biggest Weekly Increase Since August

Bloomberg reported that in New York, oil gets its biggest weekly gain since August as lawmakers have scheduled talks to avert the fiscal cliff.

As quoted in the market news:

“West Texas Intermediate climbed as much as 0.7 percent, extending this week’s advance to 2.5 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.”

Click here to read the full Bloomberg report.