Oil Advances Again as U.S. Economy Grows

By On December 23, 2014 10:09 am

Fuel Fix

Oil rose for the second time in three days before a report that may show the U.S. economy expanded more than previously estimated last quarter.

West Texas Intermediate climbed as much as 2.9 percent in New York, paring this year’s decline to 43 percent while Brent gained in London. The U.S. economy expanded 4.3 percent in the third quarter from a year earlier, a Bloomberg News survey shows. Saudi Arabia, OPEC’s biggest producer, doesn’t plan to pump less “whatever the price is,” Oil Minister Ali Al-Naimi told the Middle East Economic Survey yesterday.

Crude is set for the biggest annual loss since 2008 amid the highest U.S. output in more than three decades and signs of slowing global demand growth. Stockpiles in the U.S., the world’s largest oil consumer, probably dropped for a second week, a separate Bloomberg survey showed before weekly government data tomorrow. Markets close on Dec. 25 in London and New York for Christmas.

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