West Texas Intermediate crude rose to the highest level in more than two weeks as the Standard & Poor’s 500 Index approached a record on optimism that central banks will maintain economic stimulus to bolster growth.
West Texas Intermediate crude capped the longest rally in nine months as fewer Americans filed first-time claims for unemployment insurance payments last week and the market breached key technical resistance.
West Texas Intermediate crude rose to a one-week high as the Group of 20 nations approved of Japan’s stimulus program, bolstering speculation that fuel demand will climb in the third-biggest oil-consuming nation.
West Texas Intermediate crude rose for a third day as the Standard & Poor’s 500 Index advanced to an intraday record, bolstering speculation that fuel consumption will climb. Brent oil’s premium to New York futures shrank to the smallest level since June.