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January 20, 2012 5:00 am

Oil Climbs With Positive U.S. Economic Data and Iran Tensions

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Oil traders in Houston, TX. Photo: wiki commons.

Bloomberg – 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.

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