Oil gained for a third day in New York on speculation that rising U.S. payroll numbers and an easing European debt crisis will spur demand for crude.
Futures climbed as much as 0.7 percent after Greece reached its target in the biggest sovereign debt restructuring in history. The U.S. probably added 210,000 jobs in February, according to a Bloomberg survey before a report today. Oil has increased this year on concern sanctions against Iran will lead to military conflict in the Middle East, where more than half the world’s crude reserves are located.
“We have a wait-and-see for payrolls; that really is going to be the decider into the weekend,” said Ole Hansen, a senior manager of trading advisory at Saxo Bank A/S in Copenhagen. “With Greece out of the way, the tension will turn toward Portugal and Spain in the next few weeks.”
Friday, March 9, 2012
Oil Rises a Third Day on Fuel-Demand Outlook Amid Greek Swap, U.S. Jobs - Bloomberg