Oil rose from its lowest in almost seven weeks in New York on speculation that renewed measures by the European Central Bank may alleviate the region’s sovereign debt crisis, supporting economic growth and fuel demand.
Futures reversed losses of as much as 3.4 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. Saudi Arabia, the world’s largest crude exporter, may cut production to prevent prices falling below $90 a barrel in London, according to HSBC Holdings Plc.
Futures reversed losses of as much as 3.4 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. Saudi Arabia, the world’s largest crude exporter, may cut production to prevent prices falling below $90 a barrel in London, according to HSBC Holdings Plc.
