Oil rose for the first time in six days in New York and curbed the biggest weekly drop in three months as the U.S. added more jobs than forecast in July and the Italian government said it will speed up austerity measures.
Oil rose for a second day in London after German and French leaders said they’re certain Greece will remain in the euro zone, tempering concern that the region’s debt crisis will damage fuel consumption.
European gasoil pared gains after earlier hitting a seven-month high on London’s ICE Futures Europe exchange. Gasoil prices were still buoyed by freezing weather in the region and rising crude prices, analysts said.
Oil fell, extending its biggest one- day drop in seven weeks in London, on concern slowing U.S. economic growth will reduce demand and after the International Energy Agency said its members will sell oil from reserves.