Oil Gains a Fourth Day After European Pledge to Contain Debt - BusinessWeek

Oct. 10 (Bloomberg) -- Oil climbed for a fourth day in New York as investors bet that fuel demand may increase after a pledge by Europe to contain its sovereign-debt crisis and signs of an economic recovery in the U.S.

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Futures rose as much as 1.2 percent after the biggest weekly gain in seven months. German Chancellor Angela Merkel and French President Nicolas Sarkozy gave themselves three weeks to stamp out the European crisis. U.S. employers added more workers in September than forecast, a report showed Oct. 7. OPEC members are likely to keep their output target for oil unchanged when they meet in December, according to Iran’s representative. Crude for November delivery advanced as much as 99 cents to $83.97 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.53 at 5:19 p.m. in Sydney. West Texas Intermediate last week gained 4.8 percent, the biggest increase since the period ended March 4. Prices are down 9 percent this year.

Oil Gains a Fourth Day After European Pledge to Contain Debt - BusinessWeek