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.
U.S. personal spending probably accelerated while new home sales and durable goods orders are expected to climb, data in the coming week will show.
The European debt crisis, which has triggered an 18 percent plunge in oil prices since May 3, is “very concerning” for the world economy, Qatar’s energy minister said.
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.
Saudi Arabian Oil Minister Ali al- Naimi said demand for crude matches supply and the global market is stable.
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.
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 Petroleum Investments Corp. , the investment banking arm of the Organization of Arab Petroleum Exporting Countries known as Apicorp, said recent turmoil in the region won’t affect its plans to double outlays by 2014.