Oil Climbs a Third Day on U.S. Economic Growth Outlook


29/05/2012 06:26 AST  Bloomberg
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Oil rose for a third day in New York as speculation that U.S. economic growth will boost fuel demand in the world’s biggest crude consumer countered concern Europe’s debt crisis will worsen.

Futures advanced as much as 1.2 percent from the close on May 25. U.S. consumer confidence probably gained in May and job growth may have picked up, according to surveys by Bloomberg News before reports this week. Oil has slipped 13 percent this month amid concern Europe’s debt crisis will derail the global economic recovery.

“There’s little green shoots of optimism” from the U.S., Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity-markets newsletter in Sydney, said in a telephone interview today. “We’re going to get a robust story out of the States. We’re not out of hot water with Europe.”

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