Oil Pares Decline From Seven-Week Low on Hopes for European Union Rescue - Bloomberg

Oil advanced for the first time in four days in New York amid speculation that the European Central Bank may alleviate the region’s sovereign debt crisis, boosting growth and fuel demand.

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Futures gained 0.5 percent after a euro-region central bank official, who declined to be identified, said policy makers are likely to debate the resumption of covered-bond purchases next week. Oil reached the lowest level since Aug. 9 in intraday trading on concern that the crisis would trigger another recession. Crude for November delivery rose 39 cents to settle at $80.24 a barrel on the New York Mercantile Exchange , the first increase in four sessions. Prices ranged from $77.11 to $81.29. Oil is down 9.6 percent this month and 16 percent in the third quarter.

Oil Pares Decline From Seven-Week Low on Hopes for European Union Rescue - Bloomberg