By Alexander Kwiatkowski - Dec 27, 2011 6:49 AM GMT+0700
Oil traded near the highest settlement in two weeks amid speculation the U.S. economy will continue to recover, bolstering demand for raw materials in the world’s biggest crude consumer.
Futures were little changed after gaining 6.6 percent last week, the most since the five days ending Oct. 28. Reports today may show U.S. consumer confidence improved to a five-month high and home prices in 20 cities declined at a slower pace. Financial markets from from Hong Kong to the U.K. and the U.S. were closed for holidays yesterday.
Crude oil for February delivery was at $99.72 a barrel, up 4 cents from the settlement on Dec. 23 in electronic trading on the New York Mercantile Exchange at 7:19 a.m. in Singapore. Futures have climbed 9.1 percent this year after increasing 15 percent in 2010.
Brent oil for February settlement gained 4.5 percent last week to $107.96 a barrel on the London-based ICE Futures Europe exchange. The European contract’s premium to Nymex crude narrowed to $8.28 a barrel, the smallest differential based on closing prices since March 8.
To contact the reporter on this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
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