Oil rose for a second day in New York before European leaders meet this week to agree a blueprint to tackle the region’s sovereign debt crisis. Crude for December delivery was at $87.77 a barrel, up 37 cents, in electronic trading on the New York Mercantile Exchange at 11:19 a.m. Sydney time. The contract erased a decline of as much as 0.5 percent. Futures rose 1.6 percent to $87.40 on Oct. 21, the highest close since Oct. 18. European leaders yesterday ruled out tapping the European Central Bank’s balance sheet to boost the region’s rescue fund and outlined plans to aid banks. They won’t set out a complete plan until a summit on Oct. 26. To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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