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oil gains in new york

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    Oil Gains in New York as U.S. Supplies, China Demand Counter Europe Debt

    QBy Ben Sharples - Jul 19, 2011 12:11 PM GMT+1000 .

    Business ExchangeBuzz up!DiggPrint Email ...Oil climbed in New York as signs of shrinking crude stockpiles in the U.S. and rising demand in China countered speculation that Europe?s debt crisis will temper fuel demand.

    Futures advanced as much as 0.5 percent before a report tomorrow that may show U.S. inventories dropped a seventh week. Prices also rose after China said its apparent fuel consumption rose 7.2 percent in the first half. Crude slipped yesterday amid concern Europe?s leaders will be unable to agree on steps to contain the region?s debt crisis at a summit this week.

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