Oil headed for the longest run of weekly gains in more than eight years in New York before a report that may show the U.S. added jobs last month, signaling an economic recovery in the world’s biggest crude consumer.
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Oil in New York may rise next week as instability in the Middle East and North Africa bolsters concern that shipments from the region will be disrupted, a Bloomberg survey showed. Eighteen of 43 analysts and traders, or 42 percent, forecast crude will increase through Feb. 8. Sixteen respondents, or 37 percent, predicted a decline and nine forecast little change.
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Saudi Arabia reduced December output because customers asked for less, Ibrahim Al-Muhanna, an adviser to Oil Minister Ali al-Naimi, said Jan. 14. Al-Muhanna denied what he said were suggestions that the nation cut production to push prices higher and accused unidentified media of misinterpreting the kingdom’s response to weaker demand.
http://www.bloomberg.com/news/2013-02-01/oil-heads-for-longest-run-of-weekly-gains-since-2004-on-economy.html
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