West Texas Intermediate rose for a second day after an industry report showed crude inventories declined in the U.S., the world’s biggest oil consumer. Brent climbed on signs of worsening security in eastern Libya.
The alleged fixing of oil prices is unlikely to sway traders from using Brent as a benchmark for buying and selling oil in the $5.7 trillion commodity market, according to analysts and brokers from London to Tokyo.
Oil rose in New York, heading for the longest run of weekly gains since April 2009, on speculation that signs of U.S. economic growth and Europe’s steps to contain its debt crisis will support demand for fuel.
Oil fell in New York as traders sold the October future that expires today after short-term supply concerns dissipated because Enbridge Energy Partners LP started a pipeline supplying the U.S. Midwest.