Crude oil rose the most in six weeks
Crude oil rose the most in six weeks on speculation European leaders will bolster efforts to contain the region’s sovereign-debt crisis, lessening its impact on the global economy and commodities demand.
Futures climbed as much as 4.4 percent after U.S. Treasury Secretary Timothy F. Geithner predicted Europe will intensify efforts to contain its debt problems after a chiding from counterparts around the world. Greek lawmakers vote today on a property tax that’s key to persuading the European Union and International Monetary Fund to release aid and avert default.
U.S. crude stockpiles probably climbed 2.2 million barrels in the week to Sept. 23 as demand weakened in the world’s largest oil-consuming country, according to the median estimate of analysts before an Energy Department report tomorrow. Gasoline inventories are expected to have risen 900,000 barrels to the highest level since July.