Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy

Bloomberg reported that oil rose on anticipation that U.S. economic growth and Europe’s endeavor to contain the debt crisis will bolster demand.

As quoted in the market news:

Crude for December delivery climbed 71 cents, or 0.7 percent, to $98.49 a barrel at 1:21 p.m. on the New York Mercantile Exchange, after increasing to $99.20, the highest intraday level since July 27. Oil has gained 4.5 percent this week, the sixth weekly increase.

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