Oil Trades Near Highest Level in Four Months on Economic Outlook

28/01/2013 06:52 AST

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

West Texas Intermediate crude was little changed after climbing for a seventh week. Chinese industrial companies’ profits rose for a fourth month in December, the National Bureau of Statistics in Beijing said yesterday. U.S. government reports today may show durable goods orders and pending homes sales advanced last month, according to Bloomberg News surveys. The oil market is “well supplied,” Khalid al-Falih, Saudi Arabian Oil Co.’s chief executive, said Jan. 26 in Davos, Switzerland.

“We can be a little bit optimistic on the economic recovery, and of course on China and the U.S.,” said Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo who says WTI may climb as high as $100 a barrel this week, while Brent will trade in a range of $112 to $118. “The oil market is trending to the upside.”

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