Oil traded near the highest close in three months in New York before European leaders meet to tackle the region’s debt crisis and a report that’s forecast to show stockpiles rose in the U.S., the world’s biggest crude consumer.
Futures were little changed after sliding 4 cents yesterday, the first drop in five days. European leaders will hold meetings in Greece and Germany this week. U.S. oil supplies probably rose for the first time in about a month as imports climbed and demand fell from a nine-month high, a Bloomberg survey showed before an Energy Department report tomorrow. Prices are trading below their 200-day moving average, a technical resistance level.
“Technically, we feel that crude is trading at resistance,