Brent crude headed for a weekly increase on speculation that the Federal Reserve’s plans to reduce stimulus indicate the economic recovery is gaining strength and will support fuel consumption.
Saudi Arabian Oil Minister Ali al- Naimi said demand for crude matches supply and the global market is stable.
The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Oil rose for the first time in a week as an almost $1 trillion loan plan by European policy makers to end the region’s sovereign-debt crisis caused global stocks to rally and signaled energy demand may strengthen.
Oil markets will be balanced this year with Brent crude at about $100 a barrel in Europe where demand continues to decline, said an adviser to Saudi Oil Minister Ali al-Naimi.
Arab Petroluem Investments Corp., an energy investment unit of the Organization of Arab Petroleum Exporting Countries, said its 2 billion-riyal bond was oversubscribed three times.
Crude oil prices are stable and producers expect demand to rise in 2010, Saudi Arabia’s Oil Minister Ali al-Naimi said.
Oil importers are growing wary of the impact of prices near two-year highs as some OPEC members foresee a further rally to the $100-a-barrel level and Arab oil ministers gather for a meeting in Cairo.
Japan, the world’s top importer of liquefied natural gas, has its best opportunity to bargain for lower prices since it started buying the power-plant fuel 44 years ago. One reason is Russia.
Oil fell for the first time in six days on concern that U.S. lawmakers will fail to avert a fiscal crisis after House Republican leaders canceled a vote on higher taxes for top earners.