Oil rose in New York, extending its gain for the week, as investors bet fuel demand will rise along with an economic recovery in the U.S. Futures for West Texas Intermediate crude gained as much as 0.4 percent after U.S. jobless benefits last week dropped to the lowest level in almost four years, adding to signs that the world’s biggest consumer of crude is recovering. Manufacturing in the New York region expanded at the fastest pace in nine months, according to a separate report this week. The top U.S. military officer plans to meet with Israeli leaders today to discuss efforts to curb Iran’s nuclear program. “The decent economic data that we’re seeing out of the U.S. is probably the major thing that’s propping up the positives,� said David Land, head of analysis at CMC Markets in Sydney. “West Texas remains above $100 a barrel, and that gives you the idea that there’s a fair bit of uncertainty, or risk, being priced into the market.� Crude for February delivery advanced as much as 35 cents to $100.74 in electronic trading on the New York Mercantile Exchange at 4:36 p.m. Sydney time. The contract, which expires today, fell 20 cents to $100.39 yesterday, the lowest settlement since Jan. 13. The more-active March contract rose 35 cents to $100.89 today. Prices are 2.1 percent higher this week. Brent oil for March settlement gained 30 cents, or 0.3 percent, to $111.85 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to West Texas Intermediate futures was at $10.96, compared a record $27.88 on Oct. 14. 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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