SF: Oil Climbs for First Time in Three Days Amid Economic Optimism
Nov. 15 (Bloomberg) -- Oil climbed for the first time in three days amid optimism fuel demand will increase because of improved prospects for an economic recovery in the U.S., the world's biggest crude-consuming nation.
Futures retraced some of the 3.3 percent decline on Nov. 12 after a forecast that U.S. retail sales rose in October for a fourth month. The projected 0.7 percent gain in purchases is based on the median estimate of 67 economists surveyed by Bloomberg News before a Commerce Department report today. Prices also advanced as the dollar slipped against the euro.
The December contract added 35 cents, or 0.4 percent, to $85.23 a barrel in electronic trading on the New York Mercantile Exchange at 11:16 a.m. Sydney time. Crude fell $2.93 to $84.88 on Nov. 12, the lowest since Nov. 3. Prices dropped 2.3 percent last week and are 7.3 percent higher this year.
The dollar traded at $1.3710 a euro after dropping 0.2 percent on Nov. 12.
