Oil traded in New York near the highest price in a week amid speculation that countries including the U.S. and China will add economic stimulus, countering signs of a slowdown threatening fuel demand.
Futures were little changed after three days of gains, the longest rising streak in three weeks. The Federal Reserve meets this week to discuss monetary policy in the U.S., the world’s biggest oil consumer, after the European Central Bank agreed last week on bond purchases to ease the euro area’s debt crisis. Net crude imports last month by China, the second-largest user, slid to the lowest level in almost two years amid slowing demand for the country’s goods, customs data showed today.
“The market is balancing hopes for a third round of quantitative easing and Chinese stimulus versus poor fundamentals,