Crude oil rose for a second day on speculation China will widen efforts to bolster economic growth, boosting demand from the world’s second-largest energy consumer.
Chinese Premier Wen Jiabao may announce new stimulus measures tomorrow, adding to a 4 trillion yuan ($585 billion) spending plan, an official said. The Organization of Petroleum Exporting Countries, due to meet again on March 15, probably cut output by 2.7 percent in February as producers tried to stem price declines, a Bloomberg News survey showed.
“Most of the firepower behind the expansive fiscal and monetary resources now being unleashed on a global basis has yet to fully work its way through the system,” said Edward Meir, an analyst at MF Global Ltd. in Connecticut. “Nervousness ahead of the OPEC meeting had to be constructive and should remain so.”
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