Oil rose in New York, heading for the second week of gains before a report that may show U.S. retail sales rose the most in six months in the world’s biggest crude-consuming nation. Prices gained as much as 0.8 percent, reversing earlier declines, before Commerce Department data forecast to say U.S. retail sales last month rose 0.7 percent, according to the median of 85 estimates in a Bloomberg survey. China reported producer price inflation below the median estimate in a survey of economists, and technical indicators showed futures were oversold. Crude for November delivery climbed as much as 71 cents to $84.94 a barrel in electronic trading on the New York Mercantile Exchange at 5:20 p.m. Sydney time. The contract fell 1.6 percent yesterday to the lowest close since Oct. 7. Prices are down 7.1 percent this year and up 2.4 percent for the week. Brent oil for November settlement gained 0.6 percent to $111.72 a barrel on the London-based ICE Futures Europe exchange. The European benchmark future, which expires today, was at an intraday premium of $26.78 to U.S. crude, exceeding yesterday’s record close of $26.88. The more-active December contract was up 45 cents at $109.65. Oil is rising in New York as stochastic oscillators on the weekly technical chart show futures remain oversold, according to data compiled by Bloomberg. The price advance may continue, with prices rising as high as $88.86 a barrel, the lower of two leading-span lines that define a so-called “ichimoku cloud” on the weekly chart. The cloud is an area where buy orders may be clustered. Crude pared its decline after China reported producer-price inflation below the median estimate in a Bloomberg survey of economists. September prices climbed 6.5 percent from a year earlier, compared with a predicted 6.9 percent. Consumer price inflation climbed 6.1 percent, today’s report by the National Bureau of Statistics showed. That matched the median forecast in a Bloomberg News survey. To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net

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