Oil Set for Biggest Weekly Gain in Eight Months on Europe, U.S.

- October 27th, 2011

Bloomberg reported that oil rose to a highest weekly gain since February on hopes that demand will rise after Eurozone’s debt crisis resolves and U.S. economy improves.

Bloomberg reported that oil rose to a highest weekly gain since February on hopes that demand will rise after Eurozone’s debt crisis resolves and U.S. economy improves.

As quoted in the market news:

The U.S. economy grew in the third quarter at the fastest pace in a year, Commerce Department data showed. European leaders agreed to boost a rescue fund to 1 trillion euros ($1.4 trillion) as part of a deal to curb the debt crisis. Brent oil’s premium to New York crude narrowed.

Click here to read the full Bloomberg report

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