Oil Trades Near Highest Level in Four Months on Economic Outlook


Oil traded near the highest level in four months in New York after posting the longest run of weekly gains since April 2009, lifted by speculation that a global economic recovery will boost fuel demand.

Crude for March delivery was at $95.90 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 10:07 a.m. London time. The volume of all futures traded was 38 percent below the 100-day average. WTI rose 0.3 percent to $95.88 last week and closed at $96.24 on Jan. 22, the highest since Sept. 17.

Brent for March settlement dropped 19 cents at $113.09 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 16 percent below the 100-day average. The European benchmark contract was at a premium of $17.19 to WTI. The gap was $17.40 on Jan. 25.

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